Dear All,
I have recently shifted to new job. In this organization, we have procedure to take Security Deposit for 1 month CTC from all new joinees. It will be returned if he/she complete 2 years of tenure with the organization. If employee left before 2 years, amount will be fore fitted. We take sign of employee in a simple format which state that he/she has agreed for Security Deposit. It is on simple paper.
My question is, is it valid practice in the law? Please guide.
I have recently shifted to new job. In this organization, we have procedure to take Security Deposit for 1 month CTC from all new joinees. It will be returned if he/she complete 2 years of tenure with the organization. If employee left before 2 years, amount will be fore fitted. We take sign of employee in a simple format which state that he/she has agreed for Security Deposit. It is on simple paper.
My question is, is it valid practice in the law? Please guide.