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Salary Advance Policy

HR Policy: Salary Advance Policy

Last Updated On: Circulated to: All Employees
Reviewed By: Approved By:
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Obiective
To support employee's emergency requirements and provide financial support in times of need.
Salary advance is not a matter of employee's right but a benefit which is purely at the discretion of
management.

Applicabilitv
L. The salary advance policy applies to all regular employees, who are on payroll of ReNew
Power. This policy will not cover contractual staff, off-roll employees, consultant and interns.

2. This policy will be effective from 1't September 20L6.

Elieibilitv
L. Regular employees who have completed at least 6 months of service with ReNew Power.
2. The service of employees must be confirmed.
3. Employee shall not have any outstanding amount against his/her name as on date of request
for advance.

Reasons for Salary Advance

Salary advance can be requested in case of an emergency or unplanned activity.

1. Advance for marriage - in case of self or dependent family member's marriage

2. Advance for medical emergency - in case of illness or accident of self or dependent family
member

3. Advance for any other emergency - it depends on case to case basis

Salary Advance will be allowed in case of exceptional or emergency situations and cannot be paid in
cases where the need is known or predictable. Hence, advance for education fee, professional
development, home and car purchase expense will not be sanctioned as the employee is expected to
plan for the regular and planned expenses.

Policy & Procedure

1,. An eligible employee can apply for salary advance only once in a financial year.
2. Advance amount up to a maximum of 3 months of gross monthly salary is allowed for
eligible employee.
3. Advance amount will be recovered in up to a maximum of 12 equal monthly instalments.
4. The recovery of instalment will start from subsequent month of disbursement.
5. The recommendation for availing the salary advance will be approved by concerned HOD
and Vice President - HR/ CHRO. CEO's approval will be sought if advance is to be granted to
a Level 1 employee (for AVP designation and above employees).
6. Eligible employee will have an option to prepay the entire outstanding at any time.

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7. Employee need to fill the Salary Advance Requisition Form as mentioned in Annexure.
8. All taxes, if any, related to salary advance shall be borne by the employee.
9. ln case of any dispute related to the interpretation of this policy, the decision of CHRO shall
be final and binding.
L0. Exception to this policy will require an approval from CEO.
LL. Employee is responsible for repaying back the full amount during his/her employment. lf in
case of resignation or termination, employee will have to repay the outstanding amount due
at the time of full and final settlement.

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 Salary Advance PolicY

Annexure

Salary Advance Requisition Form

Date:

Dear Sir,

I request you to grant me salary advance of Rs. l'' agree that this amount be
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recovered from my salary in 6 equal monthly instalments from the month of taking
advance.

Yours faithfully,

(Signature of Employee)

Name:
Employee Code:
Department:

(Concerned HOD Signature) (Vice President - HR/ CHRO)

Note: Att Salary Advonce Requisition Forms to be duty filled by the employee ond approved by concerned
authorities. The poyment will be actìoned by HR Payroll team.

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