UPFRONTS AND ADVANCES
Please note that loans will be granted only if the take-home policy is not violated (take-home policy states that staff’s net pay must be equal to 1/3 of his/her gross pay every month).
As a Sales Executive or a Manager, Management approves certain amount to be disbursed as car loan. Deduction from salaries is done over 36months. To access this loan, you send a request to your Manager; this will then be forwarded to the DMD. Final approval for disbursement comes from the GMD. Since this is a work tool for the Sales team, a transport allowance is approved for the Sales executive pending when their Car loan is approved
This loan is at Management’s discretion. You will need to prove the situation is unexpected, sudden and is weighty enough to cause financial strain on you. Consequences of acts of nature are also considered. Remember it is discretionary and deduction is typically over 6 months. Write out an application, you may use the advance form on the intranet (HR downloads) and send to your Manager for approval before submission HR.
Sudden financial pressure may arise in the course of the month; a salary advance may be used to take care of such unforeseen circumstances. Bear in mind the following conditions:
1. Approved amount must be equal to or less than 50% of net pay
2. Approved amount is deducted once from the net pay cycle
Do an application letter to your line manager; this must be approved by your HOD to the Head of the Department to the HR Manager for approval.