RE:Bond Executed By Employees
by Proud Indian on May 01, 2008 07:05 PM Permalink
No, its not legally valid. Not in India. In the US,a few years ago service bonds were ruled as 'slavery' and banned. Incase you want to leave a company and are not doing any permanent harm, you can leave - and can bwe 99% assured that the company will not bother to chase up. Now if you are harming the company like staling or taking IP or encouraging loads of employees to come along with you, the company will chase you. Most companies have become innovative and have the employees take a compulsary loan which is to be repaid by the employee for 24 months and the company will refund the employee the full amount after 24 months. This is illegal as forced debt is illegal in India ( from the days of end of Zamindaars and Sahukaars). Lastly, a few companies hold back bonuses till to serve a fixed term with them. There is nothing you can do then - just jump ship and forget the money.
