How to quit job when you are in contract?

I am working from past three months and I have 50,000 contract for two years. Now I want to quit this job but worried about my money as they have my two checks of 25,000 as a security deposit. Please tell me how can I quit job without paying them and avoid any against me.

rising_style, posted on November 4, 2012 at 08:51 pm    Company (work place)

Nishta Gupta said November 6, 2012 at 11:04 am

Dear Rising Style,

The contract that you have signed with the company must have been signed by all the employees who joined the company along with you as freshers. Have any of them quit without paying the penalty? I would suggest that you research and investigate within the company to understand the history for such cases discreetly.

Also, it is best that you dont sign such contracts for joining any company as it is illegal for an employer to get such contracts signed by employees.

Legally, as you have signed the contract and given the cheques you are bound to pay your employer. However - you can stop the payment of those cheques with the bank BUT remember that the company needs to issue you the relieving letter that is a MUST requirement for joining the next company. If you dont get all the clearances from the company, they can stop those letters and even your pending salary from the date of resignation.

The best person to seek advice from in such matter is the HR department. If you have any HR friend who can give you some advice for any viable alternative, then this is something you must try as an option. Remember once you sign the contract with the company, you have already limited your options and the only way out is to break the contract for which you will have to pay some form of penalty.

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