Anyone here had signed a 5 years employment contract before

[MaxH]

I was offered a 5 years employment contract with an engineering company. The first 2 years they will send me for further training and studies. Feeling a bit nervous. I now know how army regulars feel. Thoughts of worries come in like what will happen if i am not happy with the job in the 3rd year or so...

have you, or do you know of any friends who signed a 5 years employment contact with a company before? Excluding army personnels and NIE teachers. this is a MNC, a very strong company. I can't reveal the name of the company sorry.

and lastly what are the things you will look for in the contract, the things you will beware of. I am thinking of having a lawyer look over the contract too to settle my mind.

[triton]

it is natural that they will want to bond you for the investment they put into you. you are viewed as their asset, as such, they will want you to continue to work for them since they 'paid' for your training and studies.

training from the company if in the line work, then they have no choice but to train you. on the hindsight, things can turn otherwise after the second year. if you do not want to be bind to the company, then simply refuse their investment in you. alternatively, you can negotiate with them that you pay for own your studies and reduce the length of employment contract.

working in MNC = lots of politics. step on wrong shoes, you are condemn. dont suck up, you get stuck also. so it depends on what you looking for. do you want to just want to do your job and get a salary? or are you looking to climb up and up?

[sdchew]

working in MNC = lots of politics. step on wrong shoes, you are condemn. dont suck up, you get stuck also. so it depends on what you looking for. do you want to just want to do your job and get a salary? or are you looking to climb up and up?

To be honest, in the Civil Service its even worst. Not to mention you have 'scholars' climbing all over you and taking credit for what you do. At least in an MNC, you are measured by what you do and if you got a good boss, things are ok.

[exxondus]

this is a bond in exchange for sending you for training and stuff. Only take it if you feel the traininig gives u an advantage in your future (meaning not only with this company).

5 years seem to be pretty long. anyway, at least u are assured employment, not like me, renewed on a yearly basis so when end of contract approaches, I have to worry

[commoner]

2 years training and studies, 3 years bond,,,,,

what happens if the economic takes a beating next few years? what happens if the economy booms and you get stuck with the current job?

Life is unpredictable, and so is the job market. If it is only 5 years, and it is the kind of job you can be looking forward to everyday for next 5 years and allows you to develop yourself, why not. 5 years is not that bad especially if it pays well.

[seiko.citizen]

If the company is one you want to work for, then you should take up the opportunity quickly. I for one, when job seeking; look for training opportunities; that way, I know I can always improve myself, and ultimately prepare for the real workplace once I have finished my studies.

As unpredictable as life is, and given the slow market at the moment, I would be tempted to instill some certainty and sign on. Just my $0.02

...
working in MNC = lots of politics. step on wrong shoes, you are condemn. dont suck up, you get stuck also. so it depends on what you looking for. ...

working everywhere has their politics. even small businesses have their own politics, it is how you spin it to your advantage. by no means, am i advocating sucking up to superiors

[5218-201/A]

If the contract is based in Singapore it is one thing but if it says anything or even hints about overseas placement then have an experience international lawyer look it over perferably one with experience in overseas contracts. I have seen many people sign contracts for Indonesian and just think that it cannot be much difference than here (whereever they live live originally).

Some are working in the US and pay 15 or 20% tax when they come here and find out they are liable for 35% tax. Some rent their houses in the States for 500 USD to 750 USD a month and find over here a nice comfortable place will go for double that.

If placement is overseas the contract has to be written as epr the country not just a general contract, too much taken for granted in that kind of contract.

[wolfeyes1974]

i dunno why you're worrying...it's 5 years guaranteed employment... is it that bad? if they terminate you...they'll have to compensate you....likewise if you decide to break the contract...

if my company wants to sign me up for 5 years.....i jump at it! times like this....no company is "iron rice bowl"...unless ya in garmen sector...

[seiko.citizen]

...unless ya in garmen sector...

even gov't sector cannot guarantee employment. one guy who was in the RBA (Reserve Bank of Australia) working as an economist, recently left. Now technically it was a resignation; but according to him; the RBA made the employment environment so difficult that eventually you cannot stand the pressure but leave.

[voltshin]

do u think u want this path as ur career?

if yes, then it's a good chance cos training is provided. not many companies willing to provide long training and job unless its shipping career.

is there a career path drafted for you as in tell you where u will be heading?

[triton]

personally, i dont like to be bonded for such a long period. why? if get caught in a situation, too long to ride it out. 2-3 years for me (imho) is good enough.

[MaxH]

If the contract is based in Singapore it is one thing but if it says anything or even hints about overseas placement then have an experience international lawyer look it over perferably one with experience in overseas contracts. I have seen many people sign contracts for Indonesian and just think that it cannot be much difference than here (whereever they live live originally).

Some are working in the US and pay 15 or 20% tax when they come here and find out they are liable for 35% tax. Some rent their houses in the States for 500 USD to 750 USD a month and find over here a nice comfortable place will go for double that.

If placement is overseas the contract has to be written as epr the country not just a general contract, too much taken for granted in that kind of contract.

I didn't have a chance to look at the contract yet as they are still drafting. I was told there is a possibilities for overseas attachment. I will take note of what you mentioned here and have a lawyer look into it.

exxondus - The training in that company definitely will give me a lot of advantages in the future in any companies in the similar field. I believed the training will help me secure most of the better jobs, added with the 3 year experiences in that company. I think it will be good. What I dislike is the 5 years bond, I know i can't have the best of both world. But after 5 years, I think truthfully in my heart... i will not regret. If i do, it must be because of the work stress, the unbearable working environment that drives me unhappy. the knowledge and experiences i will be gaining will be great. And what drives me uncomfortable is knowing i can't quit if the working environment is bad. But well, I know almost every places is the same ( politics, crazy bosses).

voltshin - There will also be a draft on my career progression, I will be looking into the contract when it is done.

triton - I know, I am in similar thoughts with you. 2-3 years is alright.. 5 years is a little too long. But if i break it down, 2 years training like a school. And 3 years working in the real world. It seemed a little easier to swallow.

[PeeCeeBee]

when the company offers you an offer like such, i pressume you are doing good in the company and they sees something in you. Free studies and guaranteed job for next few years. Not so bad at all i guess.

[5218-201/A]

I didn't have a chance to look at the contract yet as they are still drafting. I was told there is a possibilities for overseas attachment. I will take note of what you mentioned here and have a lawyer look into it.

Just make sure there are stipulations about placement in other countries regarding they pay all reasonable housing requests, ALL taxes, employment taxes and taxes you incure in any country outside of Singapore, work permits, and all work documents as well as some form of transportation such as a car and driver. Don't forget travel for home leave (flying to and from Singapore) and if you are married at the time of placement overseas then a moving allowance (preferably a 20ft container) and all expenses paid for your family as well. Don't forget health insurance costs in the new country as well, they should pick that up for you and your family as well.

[Rolesor]

Just make sure there are stipulations about placement in other countries regarding they pay all reasonable housing requests, ALL taxes, employment taxes and taxes you incure in any country outside of Singapore, work permits, and all work documents as well as some form of transportation such as a car and driver. Don't forget travel for home leave (flying to and from Singapore) and if you are married at the time of placement overseas then a moving allowance (preferably a 20ft container) and all expenses paid for your family as well. Don't forget health insurance costs in the new country as well, they should pick that up for you and your family as well.

Good advice! Lots of things that people tend to miss out.