Human Resources Manual Phatshoane Henney inc. 2008

Transcription

1 Human Resources Manual Phatshoane Henney inc

2 P a g e 2 o f 7 1. PURPOSE To provide for a consistent policy on personal loans and advances for employees that meets the requirements of the employer. 2. PRINCIPLES (i) (ii) To ensure that all employees work under conditions of employment which are fair, legal and accommodative. To standardize personal loan and salary advances arrangements for all employees as a condition of service. (iii) To ensure that the criteria relating to the qualification for these benefits are fair and equitable. 3. GENERAL Personal loans and salary advances are a privilege and not a right, are not encouraged by the employer, and will only in exceptional cases be considered and at all times be in the sole discretion of employer. Employees may not qualify for a personal loan and a salary advance at the same time. All loans and advances granted to an employee should at all times be substantiated in writing. An employee requesting a personal loan shall in addition to a written motivation sign an acknowledgement of debt in favour of the employer. In respect of any debt of whatsoever nature which may be due and owing at any time by an employee to the employer, the employees specifically authorizes the employer to deduct such debt, or a portion thereof, from any remuneration payable to the employee. Where the employment relationship is terminated for any reason before the repayment of debt(s), such debts shall become due and immediately payable and the employer shall deduct such debts from the employee s salary on termination of service. Personal loans and salary advances will only be granted in circumstances where the employer is convinced that the granting of a personal loan and salary advance will not in any manner be to the future detriment of the employee s financial circumstances. 4. PERSONAL LOANS An application for a personal loan must be properly completed together with written representations and be submitted to the Office Manager for approval.

3 P a g e 3 o f 7 The employee shall sign an acknowledgement of debt for the deduction of any amount due to the employer in terms of the loan agreement from his/her salary. The original application, written representation, and a copy of the acknowledgement of debt must be filed on the applicant s personnel file. The loan must be re-paid within four months following the date of application and shall be deducted from the employee s salary. The loan will be an interest free loan. Personal loans may not exceed one month s gross salary of the employee. 5. SALARY ADVANCES An application for a salary advance must be properly motivated in writing for consideration by the Office Manager. The Office Manager may pursuant to consideration of the application either approve or disapprove the application. Salary advances may not exceed one month s gross salary of the employee. 6. STUDY LOAN The employer may afford permanent employees who wish to study further in order to further their education, with financial assistance where such further education is mutually advantageous for employer and the employee and approved by the employer in its sole discretion. The employer will apply the following specific qualifying criteria (which may be amended from time to time) for the accessing of such financial assistance by employees: (i) (ii) Only permanent employees qualify for a study loan; Employees on probation will not be eligible for a study loan; (iii) Study loans will only be granted for SAQA accredited training providers; (iv) (v) A study loan must be directly related to the development and enhancement of the skills and competencies of the employee and be aligned with the corporate strategy of employer; Payment will not be made to any employee directly, unless proof of payment by the employee is submitted to the Office Manager; (vi) Submission of examination results is compulsory:

4 P a g e 4 o f 7 a. Should a subject/course not be passed, the employee will be required to repay 50% of the study loan provided and paid. b. The employer will not fund a subject/course failed for a second time by an employee, and the full loan for such subject/course will need to be repaid by the employee. (vii) Professional staff may utilise the study loan to purchase material directly related to their field of expertise should their request specify this need and be approved. (viii) An employee receiving a study loan will be required to remain in the employ of employer after completion of the subject/course for which the loan was provided, for a period equivalent to 1 month for every R financial assistance provided to such employee by employer. In the event of the termination of employment of the employee prior to the completion of the said period, the employer shall be entitled to recover an amount equal to the pro rata portion of the study loan not being recovered by the employer through the continued employment of the employee. Process for applying for a study loan: (i) An employee must submit an application for financial assistance to the Office Manager outlining the following: a. Motivation or reason why specific training/development is considered necessary; b. Indication of the advantages or areas in which said course will benefit the employee within his/her working environment; c. Possible long-term career development benefits of the course; d. Outline or content of course (specific subjects where applicable) e. Duration of said study f. Institution g. Banking details of institution h. Necessary registration forms (ii) The Office Manager, in consultation with relevant department/unit manager, must verify the validity of request and will notify the applicant employee in writing whether the application has been granted or not.

5 ANNEXURE A: STUDY LOAN REQUEST FORM Personal Loans Polic y P a g e 5 o f 7 Employee Details: Employee name: Employee no: Department/unit employed: Date employed: Current position: Current salary: Amount of loan: Repayment plan: _ Details of study: Institution: Proposed study field: Benefit to employer: Recommended by Head of Department/Line manager: Date: If for any reason my services with the employer are terminated whilst there is still a balance on this loan owing to the employer, I then authorize the employer to deduct the full balance outstanding from any monies due to me. Employee signature Date Office Manager/HR Manager signature Date Director signature Date Paid by cheque number/deposit ref:

6 ANNEXURE B: ACKNOWLEDGEMENT OF DEBT Personal Loans Polic y P a g e 6 o f 7 I, the undersigned, (insert full names) (ID number) (Home address) hereby declare as follows: 1. That I am indebted to [insert name of employer] ( the employer ) for the amount of R[insert loan amount] for a personal loan ( the loan ) advanced by the employer to me for [insert description of loan and period]. 2. I hereby undertake to pay the above mentioned amount in instalments of R[insert monthly amount] per month and hereby authorise the employer to make the necessary deductions from my salary, with the first instalment being deductible at the end of [insert date]. 3. Should I leave the employ of the employer before repayment of the loan, I authorise the employer to setoff the remaining balance of the loan against any amount due and owing to me by the employer in consequence of the termination of my employment. I further acknowledge that any amount still owing to the employer after the aforementioned set-off, shall be repayable to the employer within 5 days after termination of my employment with the employer. 4. Interest is payable on outstanding amounts at 15,5 % per year a tempora morae. 5. I further undertake to pay all costs including tracing fees, bank costs and debt collection commissions, calculated on the capital amount and costs, irrespective of whether the capital amount and costs are paid before or after sentence is taken against me. 6.

7 P a g e 7 o f 7 The instalments will be used to pay costs before interest and to pay interest before payment of the capital amount. 7. This arrangement does not comprise a novation of any prior agreements and the entire outstanding balance with costs will become payable immediately if any instalment is not paid on the due date. SIGNED at on this day of [EMPLOYEE] AS WITNESSES: 1. 2.