Understanding Employee Bonds, Notice Periods, and Resignation Penalties

Hi,

We need the details to implement the bond system, and I require a sample bond. Please do the needful at the earliest.

Best Regards,

Vennila Natarajan
Email: Vennilasai@yahoo.co.in

Dear Friend,
Although I am unable to give the exact information you require, Kindly click on the following link, it will give you some required information,
https://www.citehr.com/search_new.php?q=Bond
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Regards
M. Peer Mohamed Sardhar
093831 93832

Hi, Venilla,

I have enclosed one of the sample formats for your reference. I hope it will assist you in preparing the same on your end.

Regards,

Amit Seth

Dear Peer,

Thank you for your response. One more thing I need clarification on is regarding the notice period. If we set a notice period of 3 months for resignation, with a penalty of Rs 3 lakhs in case of failure to comply, could you please advise on the viability of this approach? Alternatively, should we consider ignoring the agreement to sign altogether?

Regards,
Vennila N

Dear Amit,

Thank you for your response.

I have one more thing to get clarified. If the company sets a notice period of 3 months for resignation and imposes a penalty of Rs 3 lakhs for failing to comply, could you please advise whether it would be advisable to go along with this policy or if we can consider not signing the agreement?

Your insights on this matter, particularly from an employee's perspective, would be greatly appreciated.

Regards,
Vennila N

Dear Vennila,

Welcome. It's my pleasure that it helped you. In my view, it won't work out up to that extent, but yes, if it is covered under the Agreement, then definitely one has to serve the agreement, but I think the amount fixed should be a little less.

Regards,
Amit Seth.

Hi Venilla,

Welcome.

The notice period is a little bit long; I think it should not be more than one or two months. However, if the package is good, then you may proceed with the agreement. Nowadays, many companies are willing to pay your bond amount if they require your services.

Regards,

Amit Seth