It seems that in India, it is common for new employees to sign an employment bond (or simply bond) - meaning they agree to pay a certain sum of money if they leave their employment before a certain timescale (typically 1-3 years).
Similar agreements exist in other countries, but usually only if the employee is provided specific training by the employer (for example, "we will pay this training for you, but you will have to pay it back if you leave within a year"). Employment bonds are different in that they are generally (as far as I understand) not based on training provided, but simply used as a way to retain employees.
- Employee Bond and its legal acceptability in India
- Validity of Employment Bonds in India
- IT firm banks on guarantee | Hyderabad News - Times of India
We have several questions about this in this site (just search for "bond india"), but no tag, let alone a tag wiki.
Is there any opposition to introducing a tag for this? I propose:
I'd also add a short tag wiki:
Employment bond, or bond, an agreement between an employee and their employer, which requires the employee to pay a certain sum of money if they leave their employment before a certain timespan (typically one to three years after the start of employment). Particularly common in India.