Retainership based hiring
Geetha R S
(Querist) 18 April 2009
This query is : Resolved
Dear expert,
Most of the corporates these days hire manpower on retainership basis for a year - 3 years on professional fee. The fee normally is revised based on the basis of performance or as agreed upon at the time of engaging the concerned person as a retainer. My question is -
a) Are there any laws in India that states what % or number in an Organization can be hired as a retainer.
b) What are the precautionary steps an employer should take with regard to this??
Kindly help,
-Geetha
A V Vishal
(Expert) 18 April 2009
Dear Madam:
Can you clarify what is the nature of the work the retainer is hired, however, there is no law the number of assignments the retainer can hold. The only precaution you need to take is draft a good retainer contract to avoid future disputes and complications regarding the work, its delivery, period of the assignment, periodicity & terms of payments and arbitration clause.
Geetha R S
(Querist) 18 April 2009
Dear Vishal,
Thank you very much for your response. However,let me answer your query.
The retainers are at different levels such as producers, creative heads. But, they are engaged for fixed term of one to three years. The query I have is can a company hire any no. of people as retainer?
Best,
-Geetha
A V Vishal
(Expert) 18 April 2009
Dear Geetha:
There is no restrictions on the number of retainers the company can hire, it is the company management policy.
adv. rajeev ( rajoo )
(Expert) 18 April 2009
Dear Geetha.
There is no restriction to appoint a retained in the co., it is just like a contract basis, honorary payment will be made to the retained which is known as retainership fees. Employer duty is to get the agreement letter signed by the retainer and inform the retainer regarding his fees and terms and conditions of service and period for how many years retainer has been appointed. In case of retain the service employer should intimate the same to the retainer
Geetha R S
(Querist) 21 April 2009
Thank you very much rajeev..
