Salary Advance Policy

Objective:

This Salary Advance Policy (“Policy”) describes the Company’s terms for advancing pay to our employees as an emergency fund / short-term loan. This Policy is designed to support employees to tide over any urgent financial exigency or emergency for a short period.

Eligibility:

Any permanent employee who have completed a minimum of one year’s service in the organization (“Eligible Employees”).

Coverage:

Salary Advance shall be approved for Eligible Employees for RTL and its Group Companies under following conditions only:

  1. Marriage – Self/family (Brother/Sister/Son/Daughter)
  2. Serious Illness in Family (Wife/Brother/Sister/Son/Daughter/Parents) and self.
  3. Education / higher education to spouse and children of eligible employee.
  4. Personal requirement – as approved at the sole discretion of the Management of the Company.

Criteria:

  1. Eligible Employees shall qualify for Salary Advance of up to one-month gross salary of the said employee.
  2. An Eligible Employee can request for new advance only after completion of one year from the recovery of the last installment of the previous salary advanced to him / her.
  3. All Salary Advances will be paid by bank transfer only.
  4. The application for Salary Advance must be made in the form as given in Annexure-I and along with a sell-certified identity proof.
  5. The Head of Department (“HOD”) should consider the aspects i.e. service length, real need, frequency of application for Salary Advance etc. before confirming his / her eligibility and recommending him / her for the advance.
  6. EMI for all Salary Advance will be deducted (without interest) from the monthly salary in 5 (five) EMIs from the subsequent month on which Salary Advance is disbursed.
  7. In case the Eligible Employee, to whom Salary Advance has been disbursed, resigns from his/her employment before repayment:
  • In case the Salary Advance is over and above the amounts payable towards Full and Final Settlement, the said employee will be required to pay back the outstanding Salary Advance on or before relieving date.
  • In case the Salary Advance is equivalent to the amounts payable towards Full and Final Settlement, the outstanding amount of salary advance shall be recovered (in full) against the salary.
  1. All applicable taxes on account of the Salary Advance will be borne by the employee to whom such advance has been tendered.
  1. The Full and Final Settlement Letter / Relieving / Experience Letter will be given by the Company to the outgoing employee once outstanding Salary Advance amount is recovered.

Procedure:

The Application for Salary Advance will be routed as follows:

Step 1: The Eligible Employee shall make an application in the prescribed format and handover for the approval of the HOD. The HOD will judiciously verify (eligibility, real need, length of service, frequency of request etc.) and approve and forward the application to the Human Resources Department (“HR Dept.”).

Step 2: The HR Dept. will judiciously re-verify the above conditions and make necessary endorsements on the application and forward the same to the Accounts Department.

Step 3: The Accounts Department will cross verify (any outstanding amount, if any etc.) and approve the same.

Step 4: On verification by the Accounts Dept., the file will be returned to HR Dept. for obtaining the final approval from the Management, who may in their sole discretion approve / reject the request. In case approved application will be sent to the Accounts Department for processing and payment.

Step 5: Once application is approved, the HR Dept. will inform the applicant. The HR Dept. shall maintain the tracker for all Salary Advances.

Exceptions/Deviation:

  1. There will be no flexibility on advance terms, amount, and payback period. Any deviation shall require approval by the Management.
  2. This policy supersedes all existing Salary Advance rules /policy and shall be applicable till next notified changes.
  3. Any exceptions can only be made with the approval of the Management.

                                                                                                  APPLICATION FOR SALARY ADVANCE

                                                                                                                                                                                                                                  Date _________________

Rosmerta Group

Sector – 44, Plot – 66

Gurugram, Haryana

 

I____________________________________(name), designated ______________(designation.) working in the __________(dept.) since ____________(date of joining) request for  advance of Rs__________ deductible @ Rs____________ per month from my salary.

 

For the purpose of___________________________________________________________________________________________________________________________

I hereby declare that I have read terms & conditions of the salary advance policy and I agree and accept the same. I take the responsibility to pay back any outstanding amount, in case I leave the organization before repayment of the salary advance.

Thanking you,

 Yours faithfully,

 

(Signature)

 

Comment(if any)_____________________________________________________________________________________________________________________________

                                                                                                                                                                                                                                         Approved/Not Approved

Date:                                                                                                                                                                                                                        Name and Signature of HOD

     The above application is in order and the employee is eligible to apply for advance. Rs. _____________

  • This is deductible @ Rs. ________________ p.m. 
  • Refused

Date:                                                                                                                                                                                                                                          Human Resources

  • There is no previous balance. Forwarded to HR Dept for further process.
  •   The applicant had availed Rs._____________ on ____________ and Rs______________ is yet to be repaid. Hence the application is referred to the HR.          

Date:                                                                                                                                                                                                                                                Head -Accounts

(a)    Approved for payment for Rs_______________which will deductible @ Rs _____________ per month.

Or

Not approved                                                                                                                                                                                                                                     Management   

Close Bitnami banner
Bitnami