Which Kind Of Stamp Paper Is Required For Employment Bond?

Dear All HR professionals,

I have prepared an employment bond and security deposit letter format. Please find the attachment.

Could you please review the document and let me know if any changes are necessary? What is the procedure for implementing it? Also, which kind of stamp paper is required to print this document?

Thanks--

Good morning, sir/madam.

I joined Aflac Tourism Services in February 2017 after working for two years in Aflac Company. They wanted me to sign a bond for two years. I signed it after reading three terms: not working for any competitors and not sharing confidential information. However, now the company is delaying my salary by two months. I noticed that the bond was signed on a four-size sheet without a stamp paper or a company letter. I want to terminate the agreement due to these issues.

The company is threatening me with two years in jail and an 18-month salary penalty. They are also not providing a copy of the agreement for my records. I feel trapped. No training was provided to me regarding this process, and I haven't signed any training document stating that the company covers expenses. It is a completely MLM-based company.

Please help me with this situation.

Hi,

In general, an employee cannot be forced to sign a Non-disclosure Agreement, especially during the middle of employment. When you disagree with the terms of an NDA, you should not have signed it, even if it is on an A4 paper. You should have requested a copy when you signed it. Hopefully, they have not stamped and registered the document. In such a case, the validity of that document can be challenged in court even if they proceed legally.

However, you can approach your employer and try to resolve the issue at the employer level smoothly.

Even the company is not registered in the Provident Fund by the government, and no employee is registered in the PF process. No ESI and PF are deducted by the company. So, it's required that PF and ESI registration of employees be done before signing a bond. Is PF system required for signing a bond?

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Dear Rakesh,

Your Employee Bond is okay, but you should use the words like "training cost incurred by the company during the training period" because in case of any breach by a prospective candidate, you can recover the cost which your company incurred towards his/her training. Please note that you shall have to provide all the facilities like P.F., E.S.I., leaves as per norms.

You can get it executed on Non-Judicial Stamp Paper. Lastly, your bond doesn't contain the signatures of witnesses, and preferably you should insist that it should be witnessed by his/her parents.

A. Prakash