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Salary Transfer (Promissory Note) Policy


Name of Policy	Salary Transfer (Promissory Note) Policy	Policy Number	IV.A-1
Owners	Financial Affairs	Original Policy Date	28/11/2013
Cosigners	_______________________	Last Revised Date	_______________________
Other Related Regulatory Rules Laws & Policies	_______________________	Next Scheduled review Date	_______________________
Associated Procedures & Forms (Attachments)	_______________________	Versioning	_______________________
Associated Procedures & Forms (Attachments)	_______________________	Cycle of Reviews	_______________________

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.

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.