I'm working with an MNC. I want to leave company because I want to move toward higher studies in Abroad. I have resigned already but want an instant release with buyout option. My HR is not will to do so.
Notic period is of 90 days. I feel forced to work in organisation.
Why agreement is one sided? It says Buyout is available but company reserves rights give or not give buyout option.
What action I can take ?
From India, Jalandhar
Notic period is of 90 days. I feel forced to work in organisation.
Why agreement is one sided? It says Buyout is available but company reserves rights give or not give buyout option.
What action I can take ?
From India, Jalandhar
If you say the agreement is one-sided, why did you sign it in the first place?
If you fail to read AND understand what you are signing up for, and without thinking of the consquences later if you change your mind, then be it on your own head.
I do not understand this bonding system you have in India. To my way of thinking it is totally wrong. HOWEVER, having read so many posts like yours on CiteHR over the years, I do see why employers put these conditions in place. It is very costly to hire an employee, and if they are just going to come and go as they please with no regard for the employer, then they will fight back.
We have had an extraordinary amount of posts on this subject in recent months. Why does no-one here learn from this? The bottom line is that you cannot just dump your employer on a whim to go elsewhere. If they play hard ball, it is your own fault and you just need to suck it up and deal with it.
From Australia, Melbourne
640If you fail to read AND understand what you are signing up for, and without thinking of the consquences later if you change your mind, then be it on your own head.
I do not understand this bonding system you have in India. To my way of thinking it is totally wrong. HOWEVER, having read so many posts like yours on CiteHR over the years, I do see why employers put these conditions in place. It is very costly to hire an employee, and if they are just going to come and go as they please with no regard for the employer, then they will fight back.
We have had an extraordinary amount of posts on this subject in recent months. Why does no-one here learn from this? The bottom line is that you cannot just dump your employer on a whim to go elsewhere. If they play hard ball, it is your own fault and you just need to suck it up and deal with it.
From Australia, Melbourne
I concur with the observations of Aussie John.
A prospective employee signs the documents of employment like offer, appointment letter etc., with his eyes and mind open before accepting the offer. He cannot go back later according to his convenience.
If we analyse the posts with complaints about notice period, most of them relate to job hopping only. Of course, an individual has the freedom to switch jobs for the sake of better avenues. But he should take note of the notice period of his present job and accept the new offer so as to avoid unnecessary problems in the transition. Particularly, in case of resignation due to pursuing higher education like the present one, there's no necessity for being indeterminate as the time for the commencement of academic year and the period of notice period are already known.
To my knowledge, in India, there is no statutory provision for notice period so far as resignation is concerned; it is governed only by the terms of the contract of employment. Therefore, no use in complaining later about the alleged disparity in the terms of the same subject-matter. At times organisational interest can be greater than that of an exiting employee's.
Under these circumstances, if the real purpose of resignation is higher studies abroad, the poster can approach the HOD/CEO and request convincingly for acceptance of his buy-out option as a special case.
From India, Salem
A prospective employee signs the documents of employment like offer, appointment letter etc., with his eyes and mind open before accepting the offer. He cannot go back later according to his convenience.
If we analyse the posts with complaints about notice period, most of them relate to job hopping only. Of course, an individual has the freedom to switch jobs for the sake of better avenues. But he should take note of the notice period of his present job and accept the new offer so as to avoid unnecessary problems in the transition. Particularly, in case of resignation due to pursuing higher education like the present one, there's no necessity for being indeterminate as the time for the commencement of academic year and the period of notice period are already known.
To my knowledge, in India, there is no statutory provision for notice period so far as resignation is concerned; it is governed only by the terms of the contract of employment. Therefore, no use in complaining later about the alleged disparity in the terms of the same subject-matter. At times organisational interest can be greater than that of an exiting employee's.
Under these circumstances, if the real purpose of resignation is higher studies abroad, the poster can approach the HOD/CEO and request convincingly for acceptance of his buy-out option as a special case.
From India, Salem
John,
In india, the system is actually pretty good, clear and fair. A service bond basically is made when the company does some training for you and has spent money on you and wants you to commit to a certain work period to make it worthwhile. A service bond is not effective if the company didn't spend money on you. In fact, courts have denied it where it was on-job training without formal teaching or where it was done free by existing employees of the company. But once the bond is for training provided, or skill enhancement, then you need to follow it.
The problem of bond-breaking is so prevalent, banks and insurance companies have started asking candidates to go and get themselves trained by specific training centres at their (student's) own cost and then join the company. That are doing that so that the banks don't bear the cost of training only to have the person leave after 3-4 months saying they don't work to work. (I have a client who has got training contract worth 5 crores a year and he is now setting up his own training centres across the country to execute it.
But this particular post is not about bond. It is the standard notice period in the country. The OP has signed the employment contract agreeing to a 3 month notice period and wants to leave without completing his notice period. I personally doubt the truthfulness as anyone going abroad to do further studies would know when he has to go and resign well in advance. Most colleges would, in any case, be willing to let you start a semester late if needed.
And they are putting such posts, basically wanting us to say, abscond, who cares. No other answer satisfies them.
From India, Mumbai
In india, the system is actually pretty good, clear and fair. A service bond basically is made when the company does some training for you and has spent money on you and wants you to commit to a certain work period to make it worthwhile. A service bond is not effective if the company didn't spend money on you. In fact, courts have denied it where it was on-job training without formal teaching or where it was done free by existing employees of the company. But once the bond is for training provided, or skill enhancement, then you need to follow it.
The problem of bond-breaking is so prevalent, banks and insurance companies have started asking candidates to go and get themselves trained by specific training centres at their (student's) own cost and then join the company. That are doing that so that the banks don't bear the cost of training only to have the person leave after 3-4 months saying they don't work to work. (I have a client who has got training contract worth 5 crores a year and he is now setting up his own training centres across the country to execute it.
But this particular post is not about bond. It is the standard notice period in the country. The OP has signed the employment contract agreeing to a 3 month notice period and wants to leave without completing his notice period. I personally doubt the truthfulness as anyone going abroad to do further studies would know when he has to go and resign well in advance. Most colleges would, in any case, be willing to let you start a semester late if needed.
And they are putting such posts, basically wanting us to say, abscond, who cares. No other answer satisfies them.
From India, Mumbai
As pointed out, in India, Bond is valid only under certain conditions and can not be used to treat employees as bonded workers .
One sided, clause that employer has power to veto "buyout" clause ,will not stand test of law.
But , yes, in exuberance of landing a well paying job, one must not sign the employment contract blindly.
Though only invalid T&C can not be enforced
Then again, do employees have -time , money and patience to challenge the invalid T&C ?
Hence it is prudent and pertinent to read and understand implications' of all clauses of appointment letter .
Col.Suresh Rathi
From India, Delhi
One sided, clause that employer has power to veto "buyout" clause ,will not stand test of law.
But , yes, in exuberance of landing a well paying job, one must not sign the employment contract blindly.
Though only invalid T&C can not be enforced
Then again, do employees have -time , money and patience to challenge the invalid T&C ?
Hence it is prudent and pertinent to read and understand implications' of all clauses of appointment letter .
Col.Suresh Rathi
From India, Delhi
already other colleagues have wrote on the subject. I wish to say to the questioner that it is not bondage. Just think and see the picture from other angle also. When you are working for someone they relay on you whether they give you training or not. Even if you are training it takes minimum 2 month to understand the organization working ways. let us think vise a versa if company ask you that from onward you are not required in the company what will be your position when you have to feed your family from the same salary. It is also difficult for employee to find out job. If company without giving you any notice or notice period wages what will be your position than you will blame company that the businessman are ruthless . It is the responsibility of both the side employee and employer to give proper notice to each other. It can not be one sided.
India is free country and you are free to sign the contract and have right to refuse.
From India, New Delhi
India is free country and you are free to sign the contract and have right to refuse.
From India, New Delhi
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Release letter.doc