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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
_______________________
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.