Professional Documents
Culture Documents
Salary Advance Policy
Salary Advance Policy
The company doesn’t encourage salary advances or soft loans for its employees.
However, in certain exceptional circumstances, Management & HRD may decide
to provide a salary advance to employees to help them manage their financial
needs for medical or personal emergencies.
2 SCOPE
3 POLICY
3.1 Eligibility
o 3.1.1 An employee should have a minimum of “Enter Number of
Years” tenure in the organization and should be a confirmed
employee.
o 3.1.2 The employee should not be on active PIP (Performance
Improvement Plan) or disciplinary warning at the time of application.
3.3 Repayment
o 3.3.1 No interest shall be charged on the Advance Amount.
o 3.3.2 Repayment of the Advance Amount needs to be done within 3
or 6 monthly installments (preferably).
o 3.3.3 The installment amount shall be deducted from the monthly
salary of the employee.
o 3.3.4 The first monthly installment shall start from the next month in
which advance salary was credited to employee’s salary bank
account.
3.8 Governance
o 3.8.1 The Policy shall be governed by the HR department along with
the assistance of the Finance/Payroll Team.
3.9 Exceptions
o 3.9.1 No exceptions shall be made in the policy unless the policy is
countermanded by the HR Head.
o 3.9.2 Any exceptions in this policy can be only approved by the
Managing Director.
4 ROLES & RESPONSIBILITIES
5 GLOSSARY
NA
7 APPENDIX A