Sample Advance Against Salary And Loan Policy
The Eligibility for loan, Maximum loan amount, Repayment method etc. etc. depends upon higher management’s decision.
All employees will submit their applications in HR Dept. after approval of concern Dept. HOD, Manager HR&A will review & forward the case to worthy Director Office for formal approval.
Advance Against Salary Policy
All Employees shall be eligible to apply Advance against salary under this policy.
The maximum advance amount to any employee shall not exceed more than 30% of employee’s basic salary against total attendance in a particular month. The payment of advance is made between 22nd to 24th of each month.
Any Advance against salary shall be adjusted in the same month salary of employee in which advance would be issued to him.
All employees will submit their applications in HR Dept. after approval of concerned Dept. HOD, by 20th of each month. Manager HR & A will review & forward the case to worthy Director Office for formal approval. After Director Approval, HR will distribute the payment among employees.
Decision of General Manager regarding approval of Advance against salary would be final and irreversible.