Can We Get Back Bond Money Collected By Employer/company?

Hi I have joined a co. one month back. Co is collecting one month CTC in the form of security deposit from its employees who join with company with a condition that employee has to work for atleast one year with company and if employee leave before one year, security deposit will be forefeited and mgmt will not refund the money. Is there any way out to get this money back? Employee has to sign a paper as a bond-though it is not on the stamp paper
Pls help..
Raj Joshi

Hi,
Please check if they are getting signed on a paper or draft promisory note.
The terms of employment between an employee and the company including the security deposit amount to Private contract, hence can not be contested.
So you may not be able to get the money back in case you leave the services within the stiplated time.
Kind regards
Dayanand L Guddin

Dear
It is an unfair labour practice to collect one month CTC in the form of security deposit from its employees who join with company with a condition that employee has to work for atleast one year with company and if employee leave before one year, security deposit will be forefeited and mgmt will not refund the money.Therefore you can point out this illegality and first send a regd letter[not e mail] and if your employer does not comply then you can take it up legally through a local lawyer.
With Regards

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