This is one decision which is taken by the management of the company. The company sees the potential of the person before taking him or her on the payrolls of the company. There are lot of companies in India as well who hire a person on contract for a year and make them permanent after the term expires. They could be absorbed in the company later when the project is completed. In IT companies, sometimes professionals are hired on contractual basis to complete a specific project. The contract is duly signed by both the parties and is for a specified period of time. It cannot be used to replace existing employees, if he or she is on a long leave. It is usually given out for jobs which are temporary.
However, such contracts cannot be given for routine jobs.
In a fixed-term employment, the employee is not on the payroll of the company.ĭescription: Under the fixed-term employment contract, the payout or the payment is fixed in advance and is not altered till the term expires. In most case it is for a year but can be renewed after the term expires depending on the requirement. Definition: Fixed-term employment is a contract in which a company or an enterprise hires an employee for a specific period of time.
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