From employee point of perspective is it beneficial to sign a bond with a company to work with certain point of tenure?? Does it actually benefit the employee????
From India, Mumbai
1From India, Mumbai
Let us first examine what is an employment bod:
An Employment Bond is an agreement between Employer and an Employee having several employment terms, one of them being , that in consideration of imparting training to the Employee and the financial outlay on imparting the said training, the Employee has to remain in the service of Employer for a particular period of time. In case the Employee breaches this term of Employment Bond, Employee shall become liable to indemnify the Employer for the costs which were incurred on training.
From employee point of view when he accepts a particular training at company cost, he must check what are the terms and condition post training.After all no company will train you and let go after wards without recovering cost of training through your acquired expertise.
The employee now will have a certainty for the period of bond his employment is secure.He acquires additional experience at any cost which can be used after bond period.
Questions employee needs to ask:
How long is the bond period?
If bond conditions are not favourable do not sign it and break it later on.
Whether any transfer or movement is entailed during this bond period.
What are the penalties listed out for breaking the bond?
Remember if you break the bond you can face problems in F&F and getting proper relieving certificates
Is the company actually training you or it is just part of normal work shown as training?
A little bit of forethought before signing will save you from possible hassles later on
From India, Pune
An Employment Bond is an agreement between Employer and an Employee having several employment terms, one of them being , that in consideration of imparting training to the Employee and the financial outlay on imparting the said training, the Employee has to remain in the service of Employer for a particular period of time. In case the Employee breaches this term of Employment Bond, Employee shall become liable to indemnify the Employer for the costs which were incurred on training.
From employee point of view when he accepts a particular training at company cost, he must check what are the terms and condition post training.After all no company will train you and let go after wards without recovering cost of training through your acquired expertise.
The employee now will have a certainty for the period of bond his employment is secure.He acquires additional experience at any cost which can be used after bond period.
Questions employee needs to ask:
How long is the bond period?
If bond conditions are not favourable do not sign it and break it later on.
Whether any transfer or movement is entailed during this bond period.
What are the penalties listed out for breaking the bond?
Remember if you break the bond you can face problems in F&F and getting proper relieving certificates
Is the company actually training you or it is just part of normal work shown as training?
A little bit of forethought before signing will save you from possible hassles later on
From India, Pune
It is an individual choice to sign a bond or not.The inputs given by Mr.Nathrao will be of great help to you in making that choice.Apart from it, check the back ground of the employer in honoring bond commitments. it was often complained by many that they were not given any special training but only on the job training.Two other factors you need to look for are 1) whether the terms of bond are very restrictive like posting any where in India after training etc. and 2) whether the quantum liquidated damages cited in the bond(penalty) is too high and prohibitive for the kind of training, they impart to you.
B.Saikumar
HR & Labour relations Advisor
Navi Mumbai
From India, Mumbai
B.Saikumar
HR & Labour relations Advisor
Navi Mumbai
From India, Mumbai
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