SALARY ADVANCE POLICY

Objective
To support the employee financial needs.
This covers all the employees under Maan Steel & Power Ltd.

Salient Features

 Family for the purpose of Salary Advance Policy denotes - Self, spouse, children, parents, and
dependent siblings only.
 Maximum salary advance can be availed for 1 month’s salary.
 Salary advance will be recovered from employee's salary from the advance in availing months
in 1-6 equal instalments based on advance availed.
 Employee is not eligible for new salary advance until the previously advance is repaid in full.
 Employee is eligible for salary advance up to a maximum of twice in a twelve-month period.
 Salary advance will be credited to the salary account in 3-4 working days after approval.
 The extension of advance is at the sole discretion of the company.

Procedure

 Employee sends the salary advance request to reporting Manager and GM (Commercial) and
finally given to Manager -Administration as per attached format.
 Manager -Administration will refer to finance department to verify if the amount of advance
is within the permissible limit and the salary advance history of the employee.
 Once it is approved by Finance, the same will be forwarded to MD for approval, and after
receipt of MDs approval, advance is credited to the employee's salary account through finance
department.

Approved By
Formulated on Effective Prepared by H.R.
G.M.
27.09.2023 01.10.2023 Dept.
Commercial

Note: - The company reserves the right to amend, modify and revise any or all clauses of this process
note depending upon market practices and exigencies of business.