Wanna ask about employment bond. I've read alot of topics here about it. Just wanna know about my case.
I signed a contract that says something about a bond of 300,000.00 for 36months.
as per contract:
"3. All expenses for the said training shall be advanced by the COMPANY. However, in order to allow the COMPANY to recover a fair return on its training investments, the EMPLOYEE agrees to remain in the employ of the COMPANY, for a minimum period of thirty six (36) months which shall be counted from the date of this contract.
4. If, for any reason, the EMPLOYEE leaves his employment with or is terminated for cause by the COMPANY, before the end of the thirty six (36) month period in violation of the immediately preceding paragraph, the EMPLOYEE agrees to pay the COMPANY, among other remedies available to the COMPANY the amount of Three Hundred Thousand Pesos (Php 300,000.00) which shall serve as a training bond."
I've been with the company for a year and a half. Recently (Nov 29, 2011), I've rendered my resignation and wish to transfer to another company.
The company then is now asking me to pay 300,000.00 since I rendered my resignation after less than 36months of staying with them.
Just want to know if there's any way that the bond could be reduced?
I'm pretty sure that training espenses + my salary during training is way less than 300,000.00.
Are there factors in determining the reasonable amount of bond that a company should impose?
Right now they are asking me to issue 24 post dated cheques (300,000.00/24months) as payment for the bond on the 28th of Nivember 2011.
If I choose to appeal my case, and granted reduction in my bond amount, will I be able to get my post dated cheques back?
Thank you so much!