Ming Chao STANDARD OPERATING Ref. No.

02
Revision No. 00
POLICIES AND Issue No.
PROCEDURES
EMERGENCY SALARY LOAN Effectivity
Date
HRD Page Number Page 1 of
3

DRAFT FOR DISCUSSION

I. OBJECTIVE
1. To provide guidelines in the monitoring and implementation of Company policies in
relation to Emergency Salary Loan.

II. SCOPE
 This policy covers all Ming Chao employees.

III. RESPONSIBILITY
 Management

IV. DEFINITIONS
 -NA-

V. POLICY

The Company encourages it’s employees to monitor their Finances and save for their
future undertakings. However the Management also recognize the unexpected events
and needs of the employees in some unavoidable circumstances like hospitalization,
calamity and the like. With this, the company is extending financial assistance to it’s
employees given the policy guidelines below.

Important

1. An employee has no outstanding balance or loan from the company from the time
of Emergency/Salary Loan Application thereof.

2. The following circumstances or reason for Emergency/Salary Loans are:

Hospitalization/Immediate Medical Attention- Employee, 1st degree/immediate

family members.
Single Employees- Mother/Father/Siblings
Married Employees – Husband/Wife/Children/Mother/Father

a. Natural Calamity/Accident ( Typhoon, flood, fire)

b. Tuition fee – Employee, 1st degree/immediate family

3. Employee shall be given an emergency leave amounting to 60% of his/her

monthly gross income.

4. Terms of amortization/deduction should be on semi-monthly/per cut off basis. (An

employee shall receive 60% of his/her salary minus all the deductions.)

COMPANY CONFIDENTIAL
REPRINT AND PHOTOCOPY OF THIS DOCUMENT IS STRICTLY PROHIBITED
Ming Chao STANDARD OPERATING Ref. No.02
Revision No. 00
POLICIES AND Issue No.
PROCEDURES
EMERGENCY SALARY LOAN Effectivity
Date
HRD Page Number Page 2 of
3

5. Employee shall accomplish, the salary/Emergency Loan form, to be endorsed by

his immediate superior, forward to HRD for verification and processing.

6. Employee must sign Authority to Deduct form, prior to the release of the
Emergency/Salary Loan.

7. This will be effective on 12/15/2012.

VI. PROCEDURES

DEPT./PERSON ACTIVITY
RESPONSIBLE
Dept. Head/BM/SS 1.Implementation of Policy
Top Management

VII. ANNEXES
Forms, graphics, etc. as being indexed in the policy / procedures.

COMPANY CONFIDENTIAL
REPRINT AND PHOTOCOPY OF THIS DOCUMENT IS STRICTLY PROHIBITED
Ming Chao STANDARD OPERATING Ref. No.02
Revision No. 00
POLICIES AND Issue No.
PROCEDURES
EMERGENCY SALARY LOAN Effectivity
Date
HRD Page Number Page 3 of
3

COMPANY CONFIDENTIAL
REPRINT AND PHOTOCOPY OF THIS DOCUMENT IS STRICTLY PROHIBITED