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SCHEME FOR SANCTION OF ADVANCE FOR PURCHASE OF
FURNITURE/ HOUSEHOLD ITEMS
1.0 Eligibility:
1.1 All regular employees of the company (excluding
trainees and persons appointed on contract basis) who
have more than one year service left on the date of
application will be eligible to apply.
1.2 HPSEB employees after absorption in SJVNL shall
be eligible for grant of adance during probation period
subject to having served atleast one year prior to
absorption in SJVN.
1.3 No advance shall be granted in case the total
deduction (statutory/otherwise) exceeds 75% of gross
salary. Gross Salary means Basic + DA + other local
allowances excluding HRA/Lease.
2.0 Purpose:
The purpose of the Scheme is to grant an
interest-free, recoverable advance to employees for
purchasing furniture / household items.
3.0 Amount:
3.1 The ceiling for advance shall be as under :
| Level
of Employee |
Monetary
ceiling |
| W1-W7 |
Rs.
7,000/- |
| W8-W11/Supervisors |
Rs.
9,000/- |
| El-E4 |
Rs.15000/- |
| E5-E7 |
Rs.25000/- |
The application for subsequent advance may be
entertained only after 5 years of the drawl of the first
advance. However, in case of change in the monetary
ceiling due to change of grade of employee, the
difference in entitlement may also be paid to the
employee. The total advance so granted shall, however be
repayable within 5 years from the original sanction.
3.2 In the Supervisory and Workmen Categories the
advance will be sanctioned once during the entire
service period.
4.0 Recovery:
4.1 The advance drawn under the scheme shall be
recoverable from Salary in 60 equal monthly installments
(excluding the month of drawl of advance), or till
superannuation or cessation of employment of the
employee, whichever is earlier. In the event of sanction
of subsequent advance due to change of grade of
employee, the amount recoverable shall be recalculated.
5.0 Procedure:
5.1 Employee shall make a written request for grant
of advance to Personnel Deptt. through the
Controlling Officer on the prescribed Proforma at Annexure.
5.2 Personnel Department shall verify the application
and issue the Office Order if the application is in
order.
5.3 On drawl of Advance, the employee shall procure
the furniture/household items and shall submit the
vouchers/bills within a period of 60 days, failing which
advance will be recovered alongwith interest at
prevailing bank lending interest rates from the date of
drawl of advance without any notice from his salary.
5.4 Executive not below the rank of Manager (P&A)
shall be the Competent Authority to sanction/ release
the advance.
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