Please note that effective today, July 13th, a new policy and procedure will be implemented for the purpose of salary assignments.
The customary procedure for salary assignments relating to the Banking Institutions has not changed, however, employees will now be required to take home a minimum of 40% of their gross monthly wages. Therefore, salary assignments will not be accepted if the employee’s wages will fall below this minimum requirement.
The new policy and procedure applicable to Non-Banking Finance Houses is as follows:
· Employees will be allowed only one (1) salary assignment at a time.
· A fee of $35 will be charged as a one-time processing fee for the life cycle of each salary assignment.
· Employees will be required to take home a minimum of 40% of their gross monthly wages. Therefore, salary assignments will not be accepted if the employee’s wages will fall below this minimum requirement.
· There will be no provision for re-financing during the life of a loan.
· All salary assignments must be authorized by the Human Resources Coordinator. In the absence of the HR Coordinator, authorization must be given by the VP for Administration.
If you have any questions or need further clarification, please speak with your department head or visit the HR department.
