Recently one of my batch boy asked me if I am in possession of
the contract that I signed at the recruitment centre, then I
realised that I do not hold a copy of the contract that I signed
then..
He also asked questions regarding the various bonds we need to
fulfill for signing on that contract. Well, I gave him those "I
think" and "If I'm not wrong.." kind of answers, so I thought I
might want to post to see if anyone knows the exact answer to
them..
Both of us are in this "Premium Plan 1" contract, which is 10 years
long. As we are poly graduates, we were given 25k lump sum. From
what I remember, we have 3 bonds that we are serving
concurrently:
1) 4 years bond for the lump sum given to us.
2) 5 years bond for NS liability
3) 6 years bond for backdating of pay to BMT (we signed on during
BMT, not before that)
Now the questions:
1) Did I make a mistake for the duration of lump sum and backdating
bonds?
2) If the 3 bonds I listed is correct, does that mean that if I
leave after 5 years (before I hit 6 years), I just need to pay back
the backdating that was given to me?
3) I sort of remember that this contract is about paying back
interests if you break any bonds. Is there any interest we need to
pay for breaking the backdating bond? Is it one-time interest or
per annum kind of interest, depending on the years remaining? How
much is the interest we need to pay back?
4) If we leave before 5 years, which breaks the NS liability bond,
what will happen?
a) Would the period that we had served be divided by 2.5,
and then force us to serve the remaining as nsf? (e.g. 4 years [48
months] / 2.5 = 19.2 months, so have to serve another 24 - 19.2
months = 4.8 months as nsf, getting nsf pay)
b) Or whatever I had served would be converted to partial
nsf and partial regular. (e.g. 4 years [48 months] = 8 months of
nsf + 40 months of regular, effective ns liability = 8 + (40 / 2.5)
= 8 + 16 = 24 months)
c) Or a choice of both? (We choose)
d) Or a random of both choices? (They decide for us)
5) If we leave before 4 years, which will also break the lump sum
bond, do I pay back the full amount + interests? Is the interest
per annum based on the number of years left for the bond? E.g. if
we leave after 47 months:
a) Do we pay back 25k + 4 years of the per
annum interest?
b) Do we pay back 25k + 1 year of the per annum
interest?
c) Do we pay back 25k + 1/12 year of the per annum
interest?
d) One of the above except that we dont pay back 25k +
interest, we would instead pay back (1/36 of 25k + interest)
or 1/4 of 25k + interest
Sorry for the lengthy post but I think it would be good for us to
know exactly the differences of leaving at different time during
the contract.
Thanks.