Can we add company-specific information to the employment agreement? Will Velocity Global review these updates?
Yes, we can add company-specific information to the employment agreement. However, this can only be referenced in the Client Service Deputation Letter, which is added as an appendix in the last section of employment agreements in India and not included in the main body of the agreement.
What are the types of employment agreement we can offer? (e.g., fixed-term, indefinite, project-based)
Velocity Global can offer indefinite-term (permanent), fixed-term, part-time and hourly agreements. Please note that while you may use fixed-term agreements, they are not common in India and should be confined to project-based positions, for example.
Can we recognize seniority in India?
Yes, we can recognize seniority in India. In cases of the supported employee's transfer, we can specify in the employment agreement that the first date of employment is deemed to be an earlier date.
Can we include benefits in the employment agreement?
Yes, you may include supplemental benefits in employment agreements, but it is not common practice.
Can we add variable compensation to the employment agreement?
Yes. You may add variable compensation to an agreement in India as a separate note in the appendix, but not in the Cost to Company (CTC) structure.
Employers will often provide performance- or profit-based additional compensations at their own discretion. The terms and conditions of any additional discretionary compensation should be well documented. We can refer to your policy in a variable compensation plan and indicate that it will govern the payout. Variable compensation should be outlined in Velocity Global’s Variable Compensation Agreement if extensive metrics are attached to the role.