What to do when an employee asks for an advance

What to do when an employee asks for an advance

Sometimes, an employee might hit a financial rough patch. Something unexpected might happen, such as a medical emergency, that requires more money than the employee has saved up.

If this happens, the employee might ask you for a salary advance to help them make ends meet. Before you begin giving payroll advances, you need to know what you are required to do and make a payroll advance agreement.

What is a payroll advance?

A salary advance is essentially a loan you can give an employee. The advance comes from wages you will pay the employee in the future.

An employee payroll advance is not like loaning a few dollars to a friend. Your friend might pay you back sometime in the future when they have the funds, but there is no guaranteed time when you’ll get the loaned money back. A salary advance is a real loan with repayment terms.

To make repayments, you deduct wages from the employee’s future wages. You might deduct the full repayment from one paycheck, or you might deduct a smaller amount from several future paychecks.

Your business is not required to give payroll advances to employees. However, if you provide a salary advance to one employee, you should equitably provide advances to other employees as well. You cannot discriminate based on race, religion, disability, etc.

Creating a payroll advance policy

If you permit advances, it is advisable to have a payroll advance policy. Having an established policy helps you fairly decide when to give a payroll advance, how much to advance, and what the repayment terms are. Continue reading “What to do when an employee asks for an advance”

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Online Pay day Loans British Columbia, Canada

You will find quite a lot of occasions whenever one is up against urgent financial crises yet the funds are incredibly low that certain simply cannot cope.

During such times, not merely will the individual be low on money nevertheless the person may also be so strapped for time there is time that is never much pursue the matter of funds. Nonetheless, so long as it’s possible to access the internet payday loans BC, then your issue may be resolved right away at all. The person could possibly get the funds which are required without disrupting their working arrangements. Such is the convenience that is provided by the cash advance lenders when you look at the province of Uk Colombia.

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