Advance Salary & Process
Advance Salary Policy
This Policy sets out the guidelines on grant of advance salary to employees:
Salary in advance would be granted for medical emergency only. In case of advance for any other reason exceptional approval from Top Management would be required.
– Salary advance can be equal to one month net salary only
– Salary advance will be adjusted in 2 equal instalments (No exception/extra instalment allowed)
– Salary advance can be given to employees who have completed one year in organization
– In case advance could not be recovered from employees then same would be recovered from guarantor
– New advance is not allowed in case of already running advance.
Process for Advance Salary
– The employee who is in need of advance salary should put written request to Reporting Head with 2 Guarantors, keeping all in CC name
– Reporting Head to write to HR with copy to finance
– HR will evaluate the need & approve or reject the advance request
– Upon approval, necessary instructions will be given to finance to pay & payroll to deduct from salary
– In case of amount not recovered from the employee due to any reason, the same will be deducted from Guarantors