The company will deduct a sum of Rs 3000 per month from the gross emoluments of the employee for a period of 2 years of the employment and this amount will be credited to the ledger account of the employee to be maintained by the employer company. This amount will be treated as a security deposit and will bear the interest @ 12% p.a.
The afore said amount of security deposit along with interest will be returned back to the employee by A/C payee cheque by the employer company on the completion of the service period of 4 years as mentioned above and in accordance with the appointment letter dated … Issued to the employee by the D&H Secheron Electrodes Pvt Ltd.
That if the employee leaves the service of the company before completion of the service of 3 years the entire amount of security deposit will be forfeited by the company and the employee hereby agrees not to raise any objection for the same
That if the employee leaves the services of the company after completion of 3 years service he will be entitled to the refund of 25% of the amount of security deposit lying to his credit without any interest.
That if employee completes 4 years service of the company the he will be entitled to get Rs 72,000 + 12% per annum interest on 36,000 during first year +36,000 during second year + 72,000 during third year+ 72,000 during fourth year.
vii) Cumulative principle amount plus 12% interest after 4 years completion will be total to Rs 97,920.
Wishing you a very prosperous career with D&H Secheron Electrodes Pvt Ltd. Thank You.