Employee bond for 2 years is expected by most of the companies as it is an agreement with the employee to stay with the company for a particular period of time as they agreed. If he leaves without notice, he needs to pay for the same. Some companies prepare bond format for employee based on their needs and requirements. Some other companies don’t follow any specific format for bond letters. They include the normal appointment clauses including the notice period clause and you can also replace it with other clauses like working periods and amount to be paid if he breaks the bond as compensation.
Bond format for the employee should be signed by the employee and this can be customized as per the requirement of the employer. It also includes terms and conditions of employment like initial reporting relationship,responsibilities,salary details,status,start date and end date, payroll schedule,overtime,benefits,probationary period, policies and standards, changes to duties or compensation, termination and legal advice etc.
While, 1 year bond for employee is followed by many companies for freshers for initial one year. If the bonded employee who signs the agreement with the bond term of 1 year, usually the employee pays to the company if he/she leaves within 1 year. If the employee leaves before 1 year or without notice he/she need to pay 1 month of salary to company.
Later on some companies will break the bond or some companies extend the bond for 2 years. Employee bond format includes certain terms and conditions stated in the format. If any employee wants to break the bond may lead to civil suit as per labour law which cannot be prevented by employee from leaving the service. When employer sending employees for external training then they have to serve for 2 years for the company otherwise the employee required to reimburse the training cost which includes travel cost, training fees and cost of Lodging and Boarding.
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