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Company bond problem .. help me pls frnds

edited November 2014 in Banking
Guarantee Bond

Before joining as probationer, the selected candidates will be required to give an undertaking to serve the Company for a minimum period of four years including probation period. In the event of their resigning from the Company before the expiry of the bond period, they will be liable to pay liquidated damages equivalent to one year’s gross salary paid to them during the year of probation which could be proportionately reduced depending on the length of service rendered. Besides, he/she will have to submit a stamped Bond duly executed by two sureties (not blood relatives) of sound financial standing for an amount equivalent to one year‟s gross salary. Candidates resigning from the Company during the probation period and candidates whose services are terminated by the Company during the probation period shall be liable to pay the salary received by them during their entire service in the Company in addition to an amount of Rs.25,000/-towards partial cost of training. No lien/bond executed to retain a substantive post with present employer will be binding upon the Company and no Leave Salary or Pension Contribution will be made.


friends pls explain what this means i am very confused wht to do ???? how much i have to pay??

Comments

  • edited November 2014
    your bond amount =1 year gross salary during probation period if you leave after the probation..
    if you leave within 2,3, years ,then this amount shall be depreciated and would be less. How much less, it depends on the depreciation formula your company is using.
    if you leave during probation period then amount= all salary received during probation before resigning +25000

    so you may be at heavy losses if you leave during probation period
    back to Square 1
  • Probation

    A candidate appointed in the Officers‟ cadre on regular pay rolls of the Company shall be on probation for a period of one year from the date of joining the duty. The probation period may be extended twice by a further period of six months at a time stretching up to one year.

    During the probation period the Officers would be required to pass the non-life “Licentiate Examination” conducted by Insurance Institute of India. Only after passing the said examination the Officer will be eligible for confirmation of his/her services in the Company. Failure to pass the said Examination within the extended probation period will render the officer liable to be terminated from service on expiry of the period so specified.

    The Company reserves the right to terminate the services of the candidate if found unsuitable at any time during the probation period or the extended probation period without any notice or assigning any reason thereof.

    salary is round off 30,000 p.m. .... join 2 months bck ...

    @aamengineer thnks ...ths is my cndtn will u explain
  • @jackisbck
    Gross salary = Basic+ HRA+ transport+ other allowance. This will be more than 30k. You can look up the exact amount in your payslip.

    By the conditions you have mentioned, if you resign now, you will have to pay-

    Gross salary pm X 2 + 25000
  • edited November 2014
    As far as depreciation is concerned, the general formula used by most of the companies is same. For your case, it might be-

    Depreciation per year = (Gross salary for one year / 4) * (number of years (in fractions too) you have worked)

    So, if you work for 4 years, Depreciation will be equal to Gross salary of an year, reducing the total bond value to zero. ( Neglecting that 25k, which will also be non payable after 4 years).
  • @oceanus

    thanks alot bro... i knw my salary is more its was example 30,000pm ......

    till one yr Probation period no problem i will work, but after tht prob thts y ask here how much i hve to pay ... thanks for formula :)
  • @Oceanus

    thanks for formula i will figure out now :)
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