Salary Advance Policy:
Policy Objective:
Our goal is to make rules that explain when and how employees can get some of their salary early when they have an urgent financial need.
Policy Statement:
We understand that sometimes, employees might face unexpected, urgent situations where they need to get some of their salary in advance. In these rare cases, if you meet the rules we've set, you can ask for this advance.
Terms & Conditions:
1. An employee is eligible to apply for salary advance only if he/she has completed the probation period of 6 months.
2. The maximum advance that can be taken is one and a half times of Gross salary only.
3. The payment of installments by the employee can range from a minimum of one month to a maximum of three months.
4. An employee having the previous advance cannot take further advance until the previous balance is fully repaid.
5. In a particular fiscal year an employee can take salary advance for a maximum period of three times. However, the period of taking advance should be in a gap of 1 month for each request and the previous dues need to be cleared.
6. Employees requesting advance pay must provide a legitimate reason, typically associated with unforeseen or unavoidable circumstances, including but not limited to:
a) Advance for marriage (self/son/daughter)
b) Advance for a medical emergency: (self or immediate family members)
c) Advance for any other emergency: (considered on a case-by-case basis)
d) Advances for tuition fees, school fees, professional development, etc
Note: The company may ask for proof depending on a case-to-case basis.
7. The salary advance will be paid by bank transfer to the employee
Policy Guidelines
a) Employees must submit their advance requests through the ERP system, clearly stating the reasons for the request
b) The application in ERP will be routed as follows:
i) Employees request an advance of up to 1.5 times their gross salary, providing reasons.
ii) The request is verified and approved by the employee's manager.
iii) The HR Department and operations manager also approve the request.
iv) After the approval, the application is scheduled to the Finance Dept. for payment processing.
c) The internal department requires a minimum of three working days to release the approved advance amount.