Hi,
I live in mumbai and my wife works for Rolta,
She joined the company by signing a bond in which the company takes an education loan of 2.5 lakhs from a bank,This amount is deducted from the employees salary every month until 4 yrs...if the employee leaves before 4 yrs he/she has to pay the loan amount...
All this is true refer:Bank loan for training course weighs on ex-staffers of Rolta- Banking-Banking/ Finance -News By Industry-News-The Economic Times
Is this legal...
And now they are trying to force the employees to sign another bond in which the loan amount will be increased to 4 lacs and an additional 3000(apart from normal EMI) will be deposited as an garenty in the salari account, so that it can be retrieved in case of leaving the company without paying the loan...
all this and also if the company terminates your service then also you have the pay the loan amount(this is specified in the bond)!!!
the company has given a warning that "They have to sign the bond or other wise they will be terminated..."
Is all this legal..if not how are they managing to do all this with the banks help????
Please help all the people who are suffering from this(see ET article comments)
provide some link or way to complaint against this...
I live in mumbai and my wife works for Rolta,
She joined the company by signing a bond in which the company takes an education loan of 2.5 lakhs from a bank,This amount is deducted from the employees salary every month until 4 yrs...if the employee leaves before 4 yrs he/she has to pay the loan amount...
All this is true refer:Bank loan for training course weighs on ex-staffers of Rolta- Banking-Banking/ Finance -News By Industry-News-The Economic Times
Is this legal...
And now they are trying to force the employees to sign another bond in which the loan amount will be increased to 4 lacs and an additional 3000(apart from normal EMI) will be deposited as an garenty in the salari account, so that it can be retrieved in case of leaving the company without paying the loan...
all this and also if the company terminates your service then also you have the pay the loan amount(this is specified in the bond)!!!
the company has given a warning that "They have to sign the bond or other wise they will be terminated..."
Is all this legal..if not how are they managing to do all this with the banks help????
Please help all the people who are suffering from this(see ET article comments)
provide some link or way to complaint against this...