As per company offer letter it is stated that I will be eligible for retention money after completion of 18months. Whereas as of now i have resigned & left after 1 year completion. Kindly confirm whether i am bound to ask retention money to Employer. The offer letter is on a small logo paper & not a letter head
From India, Mumbai
From India, Mumbai
You will not get it. Retention money is for securing you in the company for a specific period. If you left on your own, how can you expect the retention payment from a company. Pon, chennai
From India, Lucknow
604From India, Lucknow
Retention money for what purpose, as per the offer letter of the company? Please give proper description of your problem.
From India, Delhi
From India, Delhi
As the name depicts, Retention Money is given to retain an employee for a specific period of time. It is a contract between an employee and the Company. If an organsiation says that it will pay a specific sum after completion of a specific period, the amount is due only when the contractual obligation by the employee is completed. In this case the contractual obligation is to serve 18 month to claim this amount. It is not payable otherwiase and it can not be claimed on prorate basis also.
From India, Chennai
From India, Chennai
It states that company shall deduct a certain fixed amount every month from the salary (Retension). In case I complete 18 months, I will be eligible for claiming retension amount. In case i leave organisation earlier than the stated period I shall not get the retension amount. As per current scenario i have resigned & left organisation after 12 months completion. Can i ask for reimbursement. The offer letter is given on a normal company logo paper...
From India, Mumbai
From India, Mumbai
ales/Service personnel
I have come across with two different methods of Retention allowance
1. Deduct certain percentage of salary every month and pay back when the employee resigns. This amount is generally used to adjust any payment due from an employee. strictly this can not be called as Retention Money and deduction is made on the salary fixed. Such a deduction is illegal and no employer can refuse to pay back this money. But still some smaller companies resort to such practices mostly to manage Sales and service personnel who disappears without any notice
2. Retention allowance specified as payable on completion of stipulated time period. this is real Retention allowance and is payable as I stated earlier only on fulfilling contractual obligation category
You seem to be coming under category 1 where the amount is deducted from your salary and retained with the employer as retention money to be adjusted against dues payable by you. In my opinion, if you do not owe any sum, the Company must pay this back to you
From India, Chennai
I have come across with two different methods of Retention allowance
1. Deduct certain percentage of salary every month and pay back when the employee resigns. This amount is generally used to adjust any payment due from an employee. strictly this can not be called as Retention Money and deduction is made on the salary fixed. Such a deduction is illegal and no employer can refuse to pay back this money. But still some smaller companies resort to such practices mostly to manage Sales and service personnel who disappears without any notice
2. Retention allowance specified as payable on completion of stipulated time period. this is real Retention allowance and is payable as I stated earlier only on fulfilling contractual obligation category
You seem to be coming under category 1 where the amount is deducted from your salary and retained with the employer as retention money to be adjusted against dues payable by you. In my opinion, if you do not owe any sum, the Company must pay this back to you
From India, Chennai
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