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Policy & Procedure
Policy Title :
Salary Transfer (Promissory Note) Policy
Policy Number :
IV.A-1
Responsible Party :
Financial Affairs
Effective Date :
28/11/2013
Revised Date :
_______________________

Purpose
  • The purpose of this policy is to provide guidance:
    • PMU Staff and Faculty members applying for loans from Saudi Local Banks.
    • Prevent all new hires from applying bank loans.
    • Prevent employee with low salaries from applying bank loans.
Statement :
  • Employees are eligible to get the said promissory after completing six months period at PMU.
  • Any employee wants to apply for the promissory note before completing six months period have to submit a written approval from his/her direct superior.
  • Employees who are making less than Three Thousand Saudi Riyals (SR 3,000.00) per month are not eligible to get the said salary transfer letter.
  • Prior approval should be taken from the Director of Financial Affairs before issuing any salary transfer letter.