SALARY ADVANCE POLICY
Objective
To enable the employees to meet their financial needs for any unexpected or
unavoidable requirements.
EFFECTIVE
Salary Advance Policy will be effective from 01st April 2024
APPLICABILITY
All confirmed employees on the payroll of Xcellance Medical Technologies Pvt. Ltd.
Have not taken advance in the past 6 months
Have not taken any loan from the Company beyond 6 months installment.
OPERATIVE GUIDELINES
Minimum 50% and maximum 80% of monthly Net Salary.
Minimum 1 month and maximum 3 months installments will be allowed for
repayment of salary advance.
Employee at the time of separation by virtue of resignation, retirement,
disciplinary action, balance salary advance if any will be settled from the Full and
Final dues payable to him.
Employees should submit the Salary Advance form to the HR department for
approval.
The HR department will verify the reason for advance and the eligibility criteria
before approving.
The form will be given to the General Manager for final approving and further it
will be handed over to the Accounts Dept for necessary entries in the system and
accordingly the salary advance amount will be credited to the employees’ saving
account.
HR department will make necessary entries in the payroll system and his monthly
advance will be deducted from the salary as per the Salary Advance Application
Form.
Salary Advance amount will not be adjusted in Cash or digital transaction. It will
be deducted from the salary as per the entry done in the payroll system.
If any additional expenses incurred by the employee, it will not be adjusted against
the Salary advance for monthly repayment.
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Revision of the policy
The company reserves the right to revise, modify any or all clauses of this policy depending
upon the demand of business.
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