Hi,
I am working with an IT company. I have signed a bond of 2 years. Due to some personal unavoidable circumstances, I have to resign before the completion of the bond period. I have submitted my resignation letter, and I have completed more than a year in the company.
I would like to know the process of Full and Final settlement. Do I have to pay the complete bond amount or the amount for the remaining months? Are there any rules for the final settlement of the amount in case the employee has to leave early before bond completion?
Please help me out.
From India, Mumbai
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I am working with an IT company. I have signed a bond of 2 years. Due to some personal unavoidable circumstances, I have to resign before the completion of the bond period. I have submitted my resignation letter, and I have completed more than a year in the company.
I would like to know the process of Full and Final settlement. Do I have to pay the complete bond amount or the amount for the remaining months? Are there any rules for the final settlement of the amount in case the employee has to leave early before bond completion?
Please help me out.
From India, Mumbai
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If the company has not spent any amount on your training, then you are not liable to pay any amount. However, if you have received training at the company's expense, the company can ask you to reimburse the amount spent on your training. Bonds are not legally binding.
From India, Mumbai
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From India, Mumbai
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Dear Pats,
Nice name, yaar.
Now, on to the point. You need to abide by the specifications outlined in the bond. If they are asking for a 2-month notice period, then you have to give it. If not, there is always a way to buy out the notice period if the amount is fair enough.
Also, please specify if you have received any training that your company has sponsored. You need to be a little more concise in your post.
Thank you.
From India, Bangalore
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482Nice name, yaar.
Now, on to the point. You need to abide by the specifications outlined in the bond. If they are asking for a 2-month notice period, then you have to give it. If not, there is always a way to buy out the notice period if the amount is fair enough.
Also, please specify if you have received any training that your company has sponsored. You need to be a little more concise in your post.
Thank you.
From India, Bangalore
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Full n final settlement.doc