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Such employment bonds are agreements between the employer and employee wherein among other terms & conditions of the employment, an additional clause is incorporated which requires the employee to serve the employer compulsorily for a specific time period else refund the amount specified as bond value.
Definition. Wage and welfare bonds, also referred to as union wage bonds, are a type of surety or financial guarantee bond that a union takes out to ensure that union dues get paid in the event that a member does not pay dues.ow It's Used. A union member signs a wage and welfare bond upon the start of employment in a union job or upon joining a union. This bond establishes a contractual debt on the behalf of the employee, also known as dues, which the employee must pay to retain his union position.