Fresh engineer at wipro ? Pay Rs 75,000!
Bangalore-based Wipro Technologies has a novel way of keeping its employee attrition rate under control.
While most infotech companies ask their prospective employees to sign bonds, Wipro wants new recruits to plonk a Rs 75,000 refundable deposit on the table before they can collect their appointment letters.

Such a drastic measure was warranted by the fact that nearly 50 per cent of new recruits were flying the coop after their training programme.

"The Rs 75,000 deposit will discourage those who join us only for our training programme," said Bijay Sahoo, Wipro's vice-president and global human resources head.

The deposit system, which works through a tripartite agreement between Wipro, the candidate and a bank, requires the employee to deposit the money in the bank directly.

The deposit, along with the interest on it, is refundable when the engineering graduate completes 12 months with Wipro after the three-month training period. Science graduates, who undergo a six-month training period, have to wait 18 months to claim their refund.

Those unable to put down the deposit have the option of taking a Rs 75,000 loan from the bank, for which they will have to pay interest. At the end of the period, they can claim the deposit amount as well as a retention bonus as compensation for the money they lost by way of interest.

The agreement was introduced in April 2004 and has been used for two placement seasons now. Wipro claims it has had no impact on its campus recruitment.

"All other companies in the industry get their employees to signs bonds and other agreements. So we are not doing something that nobody else is. Our placement has not suffered at all under this tripartite agreement," said Sahoo.

What i think about it ? It is Just another example of slavery in modern world.