Hi everyone,
This is my first post in this forum. Please help me on this query.
I heard from a friend that if you are sure that you would be breaking the service agreement terms of employment (eg: bond of 1 lakh rupees for 3 years from the date of joining) at a PSU, then you could join some kind of EMI based method so as to decrease the effective bond amount you would have to pay at the time of breaking the bond. Is it true?
To make things a bit clearer, let's assume that a person joins a PSU on Jan 1st, 2011. The company has terms which state that the employee should pay 1 lakh rupees as liquidated damages if he leaves before 3 years from the DoJ ie, till Jan 1st, 2014. At the time of joining, this person is sure of leaving the organization by Jan 1st 2012. Hence in order to avoid paying the entire 1 lakh at the time of leaving, can he take up some EMI based plan so as to bring down the money from 1 lakh?
Thank you.
This is my first post in this forum. Please help me on this query.
I heard from a friend that if you are sure that you would be breaking the service agreement terms of employment (eg: bond of 1 lakh rupees for 3 years from the date of joining) at a PSU, then you could join some kind of EMI based method so as to decrease the effective bond amount you would have to pay at the time of breaking the bond. Is it true?
To make things a bit clearer, let's assume that a person joins a PSU on Jan 1st, 2011. The company has terms which state that the employee should pay 1 lakh rupees as liquidated damages if he leaves before 3 years from the DoJ ie, till Jan 1st, 2014. At the time of joining, this person is sure of leaving the organization by Jan 1st 2012. Hence in order to avoid paying the entire 1 lakh at the time of leaving, can he take up some EMI based plan so as to bring down the money from 1 lakh?
Thank you.