Recently my brother switched his job. The company had a notice period of 2 months but with mutual discussion the employer agreed to buyout of notice period. The current employer also confirmed for the same {request initially raised by the current employer}. Now they are asking for 3 months incubation time on the reimbursement of the same. Also, they want him to fill a joining bonus form which is more like a bond for one year. It states that
“At my request, as a special case, it has been very kindly consented by XYZ company to
grant me Bonus of Rs. _________________ (Rupees __________________________________________________ _
__________________________________________________ ______________).
By accepting the Bonus, I am also committing myself to serve XYZ company for
a period of at least one year. I agree to refund the entire amount of Bonus of Rs._________________
(Rupees___________________________________________ _______________________________).
If I, on my own volition,resign or leave the organization within the period of one year from date
of joining.
I agree that the grant of Bonus is ‘a onetime grant’ and will not be construed as part of the
package (CTC) and I shall have no claim on such Bonuses during the course of service with
XYZ Company. “
The amount here would be equal to the amount he paid for buyout and has been confirmed by the HR that he needs to fill this form to get reimbursement of the NP buyout amount.
My questions are:
1. Can a Notice period buyout amount be reimbursed in the form of bonus?
2. Is it correct to get a bond signed in return of reimbursement of the buyout amount.
3. What are the steps that can be taken in this regards.
Any suggestions would be greatly appreciated.
Regards
Vimal
“At my request, as a special case, it has been very kindly consented by XYZ company to
grant me Bonus of Rs. _________________ (Rupees __________________________________________________ _
__________________________________________________ ______________).
By accepting the Bonus, I am also committing myself to serve XYZ company for
a period of at least one year. I agree to refund the entire amount of Bonus of Rs._________________
(Rupees___________________________________________ _______________________________).
If I, on my own volition,resign or leave the organization within the period of one year from date
of joining.
I agree that the grant of Bonus is ‘a onetime grant’ and will not be construed as part of the
package (CTC) and I shall have no claim on such Bonuses during the course of service with
XYZ Company. “
The amount here would be equal to the amount he paid for buyout and has been confirmed by the HR that he needs to fill this form to get reimbursement of the NP buyout amount.
My questions are:
1. Can a Notice period buyout amount be reimbursed in the form of bonus?
2. Is it correct to get a bond signed in return of reimbursement of the buyout amount.
3. What are the steps that can be taken in this regards.
Any suggestions would be greatly appreciated.
Regards
Vimal