That doesn't sound like indenture. If you aren't contributing to society, you do not deserve anything. This is precisely what corporations do today and it works.
No, it actually doesn't work. While it does sound like a good idea in theory (tit-for-tat), in practice greedy corporations (I mean that neutrally, in the capitalist sense where corporations have a duty to extract maximum profits) have powerful incentives to shaft employees over these benefits in order to maximise shareholder value.
In an ideal scenario, companies would compete for employees, and would provide good benefits to out-offer other companies. In practice, a large part of the workforce is groveling for jobs and will accept any raw deal for some kind of income.
Ohwait.