I am presently working in a company in Kolkata, West Bengal, as the CCM for the past 1.9 years. The MD of the company is starting a new company as a foreign collaboration and had offered me a position of Executive Manager (second to the GM) so that i have to manage the complete functioning of this company. They will be sending me for a 7-10 days training to Italy. Now, they are asking me to sign a 3-year bond and have put a condition of a 3 months notice period and the salary structure as below:

I think the company follows Factory’s Act 1948 as the leave entitlements are as per Factory’s Act 1948, i.e.
Earned Leave – Max 15 days
Medical Leave – 7 days
Casual Leave – 15 days.

I am not sure if the company will be registered under the factory’s act as it is not going to have a manufacturing facility right now.

Working days is Monday to Saturday with 2nd and 4th Saturday as a holiday.

Please let me know if this is what the act states and also if the below calculation is alright for a CTC of 6 Lakhs per annum:

Basic Salary: 23000
PF (employer): 12% of Basic Salary. Subject to maximum of Rs. 9360/- PA
Gratuity: As per Gratuity Act

HRA: 11500/-per month
Ex-Gratia: 42240/- per annum
Transport Allowance: Rs. 2760/- per month
Medical Allowance: Rs. 3450/- per month
Uniform Allowance: Rs. 4490/- per month

Insurance: Rs. 6000/- per annum

Please let me know your thoughts on the above and if this is as per the norms. Please give your advice as to whether the terms and conditions should be accepted. If not,what course of action should i take.