Hi Seniors,
The Director of my company plans to get 10% of the salary of the new joinees to credited to a new a/c and it will get accumulated for 4 years. If the employee leaves within that 4 years then the amount will go to company's a/c otherwise it will go to the employee. Instead of having Bond which is against law,the management is planning to do this as a retention measure.
Please tell me whether the management can do this? Is this enforceable by law? If this is correct please help with an agreement format
Regards,
Deepa
The Director of my company plans to get 10% of the salary of the new joinees to credited to a new a/c and it will get accumulated for 4 years. If the employee leaves within that 4 years then the amount will go to company's a/c otherwise it will go to the employee. Instead of having Bond which is against law,the management is planning to do this as a retention measure.
Please tell me whether the management can do this? Is this enforceable by law? If this is correct please help with an agreement format
Regards,
Deepa