Hello, I am working in a private IT firm for the last 2+ years in Maharashtra. One year ago, I received a good offer, but my company retained me with an 8-9% higher salary than the available offer. In return, I signed a 3-year commitment (on scanned company letterhead). I received verbal confirmation that my appraisals would occur according to the company's processes every year.
Among other clauses, there are two important points:
1) It is agreed by you that for any changes, an appraisal will be conducted at the discretion of the company, and the company's decision will be final.
2) You agree that a violation of the above would result in a direct loss to the company, and you will be required to pay the difference between the previous and current remuneration for the remainder of the 3-year agreed period.
Now, having served for more than a year and with the salary cycle passed, they informed me unexpectedly that the company will not provide an increment for the next 2 years. No one had informed me at the time of the agreement, and I was told otherwise.
In this situation, I am feeling highly demotivated and do not wish to continue any longer. If I resign with a notice period, do I need to pay anything to the company? Are there any alternatives? Can the company withhold my relieving or experience letter?
Among other clauses, there are two important points:
1) It is agreed by you that for any changes, an appraisal will be conducted at the discretion of the company, and the company's decision will be final.
2) You agree that a violation of the above would result in a direct loss to the company, and you will be required to pay the difference between the previous and current remuneration for the remainder of the 3-year agreed period.
Now, having served for more than a year and with the salary cycle passed, they informed me unexpectedly that the company will not provide an increment for the next 2 years. No one had informed me at the time of the agreement, and I was told otherwise.
In this situation, I am feeling highly demotivated and do not wish to continue any longer. If I resign with a notice period, do I need to pay anything to the company? Are there any alternatives? Can the company withhold my relieving or experience letter?