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.