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Policy On Emergency Loan

The document outlines Ming Chao's policy for emergency salary loans. It provides guidelines for monitoring and implementing the policy. The policy covers all employees. It aims to provide financial assistance to employees in unavoidable circumstances like hospitalization or natural disasters. Employees can receive a loan up to 60% of their monthly gross income. The loan will be deducted semi-monthly from their pay. Employees must have no other outstanding loans and use loans for approved circumstances. The policy goes into effect on December 15, 2012.

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Lancemachang Eugenio
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1K views3 pages

Policy On Emergency Loan

The document outlines Ming Chao's policy for emergency salary loans. It provides guidelines for monitoring and implementing the policy. The policy covers all employees. It aims to provide financial assistance to employees in unavoidable circumstances like hospitalization or natural disasters. Employees can receive a loan up to 60% of their monthly gross income. The loan will be deducted semi-monthly from their pay. Employees must have no other outstanding loans and use loans for approved circumstances. The policy goes into effect on December 15, 2012.

Uploaded by

Lancemachang Eugenio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

STANDARD OPERATING

POLICIES AND
PROCEDURES

Ming Chao

EMERGENCY SALARY LOAN


HRD

Ref. No.02
Revision No.
Issue No.
Effectivity
Date
Page Number

00

Page 1 of
3

DRAFT FOR DISCUSSION


I. OBJECTIVE
1. To provide guidelines in the monitoring and implementation of Company policies in
relation to Emergency Salary Loan.

II. SCOPE

This policy covers all Ming Chao employees.

III. RESPONSIBILITY

Management

IV. DEFINITIONS

-NA-

V. POLICY
The Company encourages its employees to monitor their Finances and save for their
future undertakings. However the Management also recognize the unexpected events
and needs of the employees in some unavoidable circumstances like hospitalization,
calamity and the like. With this, the company is extending financial assistance to its
employees given the policy guidelines below.
Important
1. An employee has no outstanding balance or loan from the company from the time
of Emergency/Salary Loan Application thereof.
2. The following circumstances or reason for Emergency/Salary Loans are:
Hospitalization/Immediate Medical Attention- Employee, 1st degree/immediate
family members.
Single Employees- Mother/Father/Siblings
Married Employees Husband/Wife/Children/Mother/Father
a. Natural Calamity/Accident ( Typhoon, flood, fire)
b. Tuition fee Employee, 1st degree/immediate family
3. Employee shall be given an emergency leave amounting to 60% of his/her
monthly gross income.
4. Terms of amortization/deduction should be on semi-monthly/per cut off basis. (An
employee shall receive 60% of his/her salary minus all the deductions.)

COMPANY CONFIDENTIAL
REPRINT AND PHOTOCOPY OF THIS DOCUMENT IS STRICTLY PROHIBITED

STANDARD OPERATING
POLICIES AND
PROCEDURES

Ming Chao

EMERGENCY SALARY LOAN


HRD

Ref. No.02
Revision No.
Issue No.
Effectivity
Date
Page Number

00

Page 2 of
3

5. Employee shall accomplish, the salary/Emergency Loan form, to be endorsed by


his immediate superior, forward to HRD for verification and processing.
6. Employee must sign Authority to Deduct form, prior to the release of the
Emergency/Salary Loan.
7. This will be effective on 12/15/2012.

VI. PROCEDURES

DEPT./PERSON
RESPONSIBLE
Dept. Head/BM/SS
Top Management

ACTIVITY
[Link] of Policy

VII. ANNEXES

Forms, graphics, etc. as being indexed in the policy / procedures.

COMPANY CONFIDENTIAL
REPRINT AND PHOTOCOPY OF THIS DOCUMENT IS STRICTLY PROHIBITED

Ming Chao

STANDARD OPERATING
POLICIES AND
PROCEDURES
EMERGENCY SALARY LOAN

HRD

Ref. No.02
Revision No.
Issue No.
Effectivity
Date
Page Number

COMPANY CONFIDENTIAL
REPRINT AND PHOTOCOPY OF THIS DOCUMENT IS STRICTLY PROHIBITED

00

Page 3 of
3

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