It’s common that your employees might request an advance on their forthcoming salaries due to personal reasons. Opfin has always had the ability to pay these advances, and settle them with upcoming payrolls. For example, an employee with a monthly salary of Rs 50,000 might request for an advance of Rs 25,000 from the company. The Opfin administrator from the company can choose to pay this advance, which Opfin processes as an immediate bank transfer to the employee’s bank account. When the next payroll executes, Opfin automatically deducts Rs 25,000 from the employee’s take home salary to settle against the advance. Easy peasy!
Introducing EMIs (equated monthly installments)
Now, we’ve added to this feature a little bit and given the ability to set an EMI at which the advance should be recovered. So, in the above example the administrator can set the EMI at Rs 10,000, and then Opfin will deduct 10,000, 10,000 and 5,000 rupees in the next three payrolls. You can also change the EMI at any point to recover the amount faster or slower.
Interested in trying out advance salaries?
If you’re already using Opfin, then simply head to the employee’s profile page, scroll to the bottom and hit the “advance salary” button. If not, what are you waiting for? Sign up!