Hi all, I have worked in a company for 1 year now. As I was a fresher, I received a 6-month training from the company. What the company does is ask one of their mid-level employees to give training to us; they do not receive extra payment for that. On the day of joining, they signed a bond where it was written that if I leave the company before 2 years, I have to pay 2.5 lakhs. However, they can terminate me immediately if they want, and that also without any kind of compensation or prior notice.
Legality of One-Sided Bonds in India
Now, I saw somewhere that one-sided bonds are illegal in India. So I wanted to know if I quit the job now, do I have to pay the 2.5 lakhs or just the amount of money the company has spent during the training period?
From India, Kolkata
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Legality of One-Sided Bonds in India
Now, I saw somewhere that one-sided bonds are illegal in India. So I wanted to know if I quit the job now, do I have to pay the 2.5 lakhs or just the amount of money the company has spent during the training period?
From India, Kolkata
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Consider Contract Terms Carefully
The time to have thought about this is when you were presented with the contract. If you knew at the time that the bond was beyond your ability to repay if you didn't like the company further down the track, why did you sign it? We have had an epidemic of people posting on CiteHR about signing bonds and regretting the decision. Sadly, people keep doing it and then think that we can solve the problem for them. If you are not happy, you will need to try and negotiate some sort of settlement with the company. If they won't play ball, you either pay the bond or stay working for them.
From Australia, Melbourne
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707The time to have thought about this is when you were presented with the contract. If you knew at the time that the bond was beyond your ability to repay if you didn't like the company further down the track, why did you sign it? We have had an epidemic of people posting on CiteHR about signing bonds and regretting the decision. Sadly, people keep doing it and then think that we can solve the problem for them. If you are not happy, you will need to try and negotiate some sort of settlement with the company. If they won't play ball, you either pay the bond or stay working for them.
From Australia, Melbourne
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Training Employees Is a Tough Job.pdf
TRAINING BOND 2012.docx