A salary advance may be granted to an employee only to give him relief extreme personal hardship or to accommodate personal needs during business travel on approved paid leave.
Any permanent employee, after probationary period, is eligible to apply for a salary advance. The employee is not overly indebted to the company, his credit rating, based on experience known to the Company, is satisfactory and there is no question about continuation of employment.
A request for salary advance must be submitted in writing to HR Manager via the Department Manager. If the request is approved by Department Manager and HR Manager, the letter will arrange with the General Accounting Department to verify the employee's eligibility and to issue a check or cash to fill the request.
Normally a salary advance will be limited to a maximum of one month's pay. However, the request should be limited to no more than be reasonably necessary.
The advance may be paid in the currency, and by cash or check, and at the location selected by the employee, provided it is convenient and appropriate for the Company to accommodate him.
The entire amount of any advance granted to accommodate personal needs during business travel will be deducted from the employee's salary at the next subsequent pay date(s). No delayed or periodic repayments are authorized. Repayment of any salary advance granted for relief from extreme personal hardship will be deducted from the employee's salary in equal amounts over a period not to exceed six months beginning at the next subsequent pay date(s).
Basically speaking, the salary advance for the employee is a benefit without interest required. If the time of reimbursement exceed the stipulated period, the company will charge the salary advance for the interest rate of the current market.
Best regards,
John