4.3 Salary Advance
AfriLabs supports its employees with salary Advance requests. A salary advance is when an employee requests a certain portion of their salary, not exceeding their net salary and your employer agrees to give you a portion or the entirety of your net future (1 month) paycheck before your usual payday based on the availability of funds. The repayment period is capped at six months, and employees must have completed at least one year with the organization to qualify.
Salary Advance Sample (Always make a copy)
NOTE: Only confirmed full-time employees are entitled to a salary advance. Contract staff (part-time/full-time) employees are not eligible for a salary advance.
4.4 Staff Loan
AfriLabs may be able to lend its employees money in the form of a Staff / Personal loan for any emergency reason based on the availability of funds. Note: The primary purpose of offering a loan to our employees is to ease their monetary stress. These loans are not intended to compete with banks or credit unions. Eligibility: Employee loans are offered to full-time employees, not under probation or notice period. Part-time/full-time contract employees are not eligible for loans from the organisation at any time. Duration: Loans are offered to employees within a repayment period of 6 months only. Repayment of Loans: Full-time employees are responsible for the repayment of loans as per the terms below; • A repayment schedule will be offered to the borrower at the time of approval of the loan which will be within a repayment period of 6 months only.
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