In my current company, the foreign employer is asking/forcing the tenured employees (I have been employed in the same company for 4 years now, while account is only 4 years old, I'm a pioneer) to sign a 3 year bond with an arbitrary bond value of 1.5 million pesos. With a promise of promotion and training. however the training value lets say would not reach the 1.5m not even 10% of that, since the IT training cost is about 50k - 150k since the training is just local, and only a 5 day training course. At times there is no actual training, but another colleague that went to the actual training course (since they signed the bond first), he/she will sit down with you for for 1 week teaching you what he learned when he/she was trained. Promotion is given but increase in pay is very minimal.
The tenured employees are forced to sign anyway, since those that are not signing are being forced out by being given less than desirable reviews, hence no salary increase or bonus. Promotion is withheld.
my question is the bond value legal, even though they did not incur that amount in loss they have stipulated on the bond. My understanding the bond amount is the cost incurred by the company for training the employee, or lost income in case of a project being left in the middle of completion.
Regards, and advance thank you.