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    Employee Salary Advance

    Uploaded by

    Dipika
    The document outlines the salary advance policy of Pandit Ventures Pvt Ltd. It aims to support employees' financial needs. Some key points: employees can receive an advance of 1-2 months' fixed salary; the advance will be repaid in 3 equal installments from subsequent salary payments; employees are eligible for an advance once every 12 months and it must be approved by both the employee's manager and HR. The process involves an employee submitting a request, which is reviewed for compliance before being approved by finance and credited to the employee's account.

    Copyright:

    © All Rights Reserved

    Employee Salary Advance

    Uploaded by

    Dipika
    7K views2 pages
    The document outlines the salary advance policy of Pandit Ventures Pvt Ltd. It aims to support employees' financial needs. Some key points: employees can receive an advance of 1-2 months' fixed salary; the advance will be repaid in 3 equal installments from subsequent salary payments; employees are eligible for an advance once every 12 months and it must be approved by both the employee's manager and HR. The process involves an employee submitting a request, which is reviewed for compliance before being approved by finance and credited to the employee's account.

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    Employee Salary Advance

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    The document outlines the salary advance policy of Pandit Ventures Pvt Ltd. It aims to support employees' financial needs. Some key points: employees can receive an advance of 1-2 months' fixed salary; the advance will be repaid in 3 equal installments from subsequent salary payments; employees are eligible for an advance once every 12 months and it must be approved by both the employee's manager and HR. The process involves an employee submitting a request, which is reviewed for compliance before being approved by finance and credited to the employee's account.

    Copyright:

    © All Rights Reserved
    7K views2 pages

    Employee Salary Advance

    Uploaded by

    Dipika
    The document outlines the salary advance policy of Pandit Ventures Pvt Ltd. It aims to support employees' financial needs. Some key points: employees can receive an advance of 1-2 months' fixed salary; the advance will be repaid in 3 equal installments from subsequent salary payments; employees are eligible for an advance once every 12 months and it must be approved by both the employee's manager and HR. The process involves an employee submitting a request, which is reviewed for compliance before being approved by finance and credited to the employee's account.

    Copyright:

    © All Rights Reserved
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                           SALARY ADVANCE POLICY

    Objective
    To support the employee financial needs.
    This covers all the employees under Pandit Ventures Pvt Ltd

    Salient Features

    • Family for the purpose of Salary Advance Policy denotes – Self, spouse, 
    children, parents and dependent siblings only.
    • Maximum salary advance is 1­2 months of fixed salary
    • Salary advance will be recovered from employee’s salary from the subsequent 
    months in 3 equal installments.
    • Employee is not eligible for new salary advance until the previously availed 
    advance is repaid in full.
    • Employee is eligible for salary advance up to a maximum of once in a twelve 
    month period.
    • Salary advance will be credited to the salary account in 3­4 working days after 
    approval.
    • The advance salary will be subject to deduction of tax at source (TDS) in 
    accordance with the applicable Income­tax laws.
    • The extension of advance is at the sole discretion of the company.

             Procedure

    • Employee sends the salary advance request to reporting Manager and HR in 
    the below format
    • Manager and HR will verify the conditions for salary advance, make necessary 
    endorsement and the details will be sent to the finance department for 
    approval.
    • Finance department will verify if the amount of advance is within the 
    permissible limit and the salary advance history of the employee.
    • Once it is approved by Finance, advance is credited to the employee’s salary 
    account.
    • Regional HR will provide the salary advance input to corporate payroll for the 
    deduction before the cut­off date of Payroll (20 th of the month).
    • From next month of salary advance, 1/3 rd of amount will be deducted towards 
    the salary advance re­payment for the period 3 months.

    Formulated on Effective Prepared by Approved By


    from
    1­Apr­2018 HR Manager CEO

    ** Note – The company reserves the right to amend, modify and revise any or all 
    clauses of this process note depending upon market practices and exigencies of 
    business.

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