I'm currently working for a bank. At the time of recruitment I was told that I should undergo a training program before joining the bank and the cost of the training program is bared by the bank which is in the form of a loan which I repay as a EMI, I was receiving a notional amount as stipend during the training period. And at the time of joining the bank I have signed a service bond for 4 years and the bank took all my original certificates. Now I have observed that there is discrepancy in PF. I have consulted my HR but couldn’t get satisfactory replay, and I want to leave the organisation but the company is claiming that I have to pay all the stipend amount plus extra one lakh as compensation for loss of opportunity for the company.
My questions are:
Should I have to pay all of the amount which the company is demanding from me to get back my original documents?
There is discrepancy in my salary, I want to know whom to consult and how?
From India, Bangalore
My questions are:
Should I have to pay all of the amount which the company is demanding from me to get back my original documents?
There is discrepancy in my salary, I want to know whom to consult and how?
From India, Bangalore
First retention of original documents by bank is not in order.
Secondly the bank is not bearing the cost of your training programme.The loan they have given is being repaid by you.
What is the balance amount?
Any interest being charged by bank?
What does notional stipend mean?
Have you completed training?
Quantify the discrepancy in PF,salary as you work out and put up an application to bank authorities in writing and ask for clarification.
From your PF a/c number you can check online with EPF to know your correct balance.
I am sure you have applied for Universal Account number from EPF.
Bank cannot demand more compensation from you for leaving and nothing beyond what they have given as loan.You must have repaid part of it also.
Please read your appointment letter thoroughly and seek legal advice.
From India, Pune
3124Secondly the bank is not bearing the cost of your training programme.The loan they have given is being repaid by you.
What is the balance amount?
Any interest being charged by bank?
What does notional stipend mean?
Have you completed training?
Quantify the discrepancy in PF,salary as you work out and put up an application to bank authorities in writing and ask for clarification.
From your PF a/c number you can check online with EPF to know your correct balance.
I am sure you have applied for Universal Account number from EPF.
Bank cannot demand more compensation from you for leaving and nothing beyond what they have given as loan.You must have repaid part of it also.
Please read your appointment letter thoroughly and seek legal advice.
From India, Pune
Hello Reetu,
Nathrao has raised very valid points.
Which Bank are you talking about--usually Banks have to follow some Govt stipulations and that includes NOT taking Originals.
While taking Bonds against any Special Training being given, in your case, the Training seems to have been funded by YOU, as you are paying back the cost thru EMIs. Hence taking a Bond as well as the EMIs isn't right--I think it's not right even legally.
As regards 'notional' stipends, whatever or howsoever one defines it as, a stipend is a stipend. So you don't have a ground on this aspect.
Pl elaborate reg the 'discrepancy in PF'--like Nathrao mentioned unless you give the details, it's tough to suggest anything that's actionable. For all you know, your understanding MAY be wrong. Most Companies, including Banks, computerize/automate the Salary & PF payouts. So IF you have a problem, others should too. Hope you get the point.
Coming to your 'I want to leave the organisation....' statement, I think you are either mixing-up issues OR are taking the PF issue as a justification for wanting to resign. How long have you worked here--in the 4 yrs Bond that you have? How many more yrs are left?
Rgds,
TS
From India, Hyderabad
Nathrao has raised very valid points.
Which Bank are you talking about--usually Banks have to follow some Govt stipulations and that includes NOT taking Originals.
While taking Bonds against any Special Training being given, in your case, the Training seems to have been funded by YOU, as you are paying back the cost thru EMIs. Hence taking a Bond as well as the EMIs isn't right--I think it's not right even legally.
As regards 'notional' stipends, whatever or howsoever one defines it as, a stipend is a stipend. So you don't have a ground on this aspect.
Pl elaborate reg the 'discrepancy in PF'--like Nathrao mentioned unless you give the details, it's tough to suggest anything that's actionable. For all you know, your understanding MAY be wrong. Most Companies, including Banks, computerize/automate the Salary & PF payouts. So IF you have a problem, others should too. Hope you get the point.
Coming to your 'I want to leave the organisation....' statement, I think you are either mixing-up issues OR are taking the PF issue as a justification for wanting to resign. How long have you worked here--in the 4 yrs Bond that you have? How many more yrs are left?
Rgds,
TS
From India, Hyderabad
firstly thank you guys
answering to Nath Rao:
i have payed 85000 till today.as EMI
the ROI charged is 14%
i was got 82500 as stipend (2500 for 9 months; 20000 for 3 months including tax). i have completed the course on august 2014. and i got placed in the bank as promised by the bank.
coming the PF part. the bank made deduction for PF from CTC and i there is one more deduction happening every month. that is employer contribution is deducted from my CTC and employee contribution is happening from my salary every month.
is it the correct way of deduction?
From India, Bangalore
answering to Nath Rao:
i have payed 85000 till today.as EMI
the ROI charged is 14%
i was got 82500 as stipend (2500 for 9 months; 20000 for 3 months including tax). i have completed the course on august 2014. and i got placed in the bank as promised by the bank.
coming the PF part. the bank made deduction for PF from CTC and i there is one more deduction happening every month. that is employer contribution is deducted from my CTC and employee contribution is happening from my salary every month.
is it the correct way of deduction?
From India, Bangalore
Employer has to contribute 12% from his side to EPF.
The bank has not borne the training costs-you have been asked to pay EMI to clear the loan.
The bank cannot ask you to pay one lakh extra and also nothing beyond repayment of balance loan,
Retention of original certificates is not in order in any way.
In my opinion you should put up your resignation and leave the bank.
From India, Pune
The bank has not borne the training costs-you have been asked to pay EMI to clear the loan.
The bank cannot ask you to pay one lakh extra and also nothing beyond repayment of balance loan,
Retention of original certificates is not in order in any way.
In my opinion you should put up your resignation and leave the bank.
From India, Pune
@ Tajsateesh
i want to leave the organisation, but the things which flash in my mind are
1. I have to pay 1.8 lac (1 lac as compensation and 80000 stipend amount).
2. my organisation wants me to pay 1.8 lac + 3 lac(outstanding amount) in one shot in order to get my original certificates back. and with out the original certificates i not able to attend other interview's as the interviewer is asking original certificates for verification.
because of these issues i lost 2 opportunities to join other organisation which were ready to give 20% - 25 % hike. and i am not in a position to pay 4.8 lac at one go.
request suggestions.
regards
reetu
From India, Bangalore
i want to leave the organisation, but the things which flash in my mind are
1. I have to pay 1.8 lac (1 lac as compensation and 80000 stipend amount).
2. my organisation wants me to pay 1.8 lac + 3 lac(outstanding amount) in one shot in order to get my original certificates back. and with out the original certificates i not able to attend other interview's as the interviewer is asking original certificates for verification.
because of these issues i lost 2 opportunities to join other organisation which were ready to give 20% - 25 % hike. and i am not in a position to pay 4.8 lac at one go.
request suggestions.
regards
reetu
From India, Bangalore
What course were you asked to attend?
Other than loan balance you need not bother to repay the bank.
Take legal advice and tell the bank that retention of original certificate in this manner is an offence under IPC.
Ask for your original certificates back in writing.
From India, Pune
Other than loan balance you need not bother to repay the bank.
Take legal advice and tell the bank that retention of original certificate in this manner is an offence under IPC.
Ask for your original certificates back in writing.
From India, Pune
thank you Nath Rao
but if i put my resignation i have to pay 4.8 lac amount. and i am not in a position to repay the amount.
and i want to know what is correct amount i have to pay to the bank; whom should i contact for PF discrepancy.
From India, Bangalore
but if i put my resignation i have to pay 4.8 lac amount. and i am not in a position to repay the amount.
and i want to know what is correct amount i have to pay to the bank; whom should i contact for PF discrepancy.
From India, Bangalore
As I repeat,you arenot obliged to pay 1.8 lakhs.
Only balnce of laon is due from you.
First be sure there is discrepancy in PF.
Visit the nearest EPF office to check.
Consult an advocate who specialises in labour law.
Dont get bogged down by banks pressure.
They are not right legally.
From India, Pune
Only balnce of laon is due from you.
First be sure there is discrepancy in PF.
Visit the nearest EPF office to check.
Consult an advocate who specialises in labour law.
Dont get bogged down by banks pressure.
They are not right legally.
From India, Pune
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