Bond agreement and retention bonus
chandraprakash
(Querist) 17 November 2012
This query is : Resolved
Hi,
I Signed a 30Months Bond in a company in chennai. If I break the bond I have to pay 150000Rs, during the bond period the company will deduct 3000Rs/Month from my salary as a Retention Bonus. Now I resigned from the company after serving 2years. The company asked me to pay 1lakh and they will not return back my Retention Bonus(78000Rs) which they deducted for 2years. Could anyone help me whether I can get back my retention bonus amount?? or is that right to get 1lakh after completing 2yrs.
ajay sethi
(Expert) 17 November 2012
has the company spent some amount on your training?
if you have signed bond that you will work for company for 30 months and you have worked only for 24 months then you have committed breach of terms of the contract . accrodingly the company can demand the sum of Rs 1 lakh
chandraprakash
(Querist) 17 November 2012
The company gave a training but it is not an external training or the company has not spent any amount to anyone for my training. It is the usual training which is given inside the company before the projects. I want to know whether I can get back my retention bonus amount (78000 Rs). Now it is like I gave the company 1lakh bond amount and 78000 which is deducted from me totally 178000Rs.
ajay sethi
(Expert) 18 November 2012
you have stated that in your query that bond amount was Rs 1,50,000 . company has demanded from you rs 1 lakh as you left the organisation before the completion of 30 months .
it appears compnay has adjusted retention amount of rs 50 ,000 partly against the bond amount . you cna ask for adjustment of rs 28,000 being the balance amount against the demand made of rs 1 lakh .
Raj Kumar Makkad
(Expert) 19 November 2012
Ajay has left no room empty to enter.
chandraprakash
(Querist) 21 November 2012
Thanks for your reply ajay....
I have a email from my previous employer that the bond and the retention bonus is not related and retention bonus amount is given to the employer who serves 30 months of bond period.
I also have a receipt in the letter head of my employer saying my bond becomes null and they have received the one lakh.
So can I ask for the 78000 rs retention bonus through court?
ajay sethi
(Expert) 21 November 2012
does the appointment leeter or bond mention about retention bonus? you have left organisation without completing 30 months . you were required to pay 1.5 lakhs . company has RS 78,000 from you . balance amount paybale by you was rs 73,000 . compay is no loner demanding said amount . if you file case you will spend money on legal fees and chances of recovery slim . for get it
