Due to frequent absconding cases in our organization, our management have decided to have employee bond for the period of 06 months (Probation phase).
Bond amount would be 50K. In such scenario we would not offer any kind of training to new employee. But if employee wish to exit from organization during the bond period he/she will be liable to pay agreed bond money to the company, if employee fail to pay bond value to organization then organization may recover bond value from any of his/her property or by his/her heirs.
Exemptions:-
1- Acute illness (Employee has to produce medical reports/certificate
2- Relocation (For newly married women after marriage)
3- Any other circumstance where employee is not able to perform his duties.
In the above scenario is worth to have a Bond like this and is it valid in eye of any law in India.?
Bond amount would be 50K. In such scenario we would not offer any kind of training to new employee. But if employee wish to exit from organization during the bond period he/she will be liable to pay agreed bond money to the company, if employee fail to pay bond value to organization then organization may recover bond value from any of his/her property or by his/her heirs.
Exemptions:-
1- Acute illness (Employee has to produce medical reports/certificate
2- Relocation (For newly married women after marriage)
3- Any other circumstance where employee is not able to perform his duties.
In the above scenario is worth to have a Bond like this and is it valid in eye of any law in India.?