AMENDED POLICY GUIDELINES ON THE AVAILMENT OF CASH ADVANCE FOR BONUS (CAB)Date posted: May 23, 2016 1:46 pm
1. The Cash Advance for Bonus (CAB) shall be available to all Members in Good Standing for at least one (1) month in the OSJEMPC;
2. The CAB can be availed of one (1) month prior to the grant of Mid-Year Bonus and Year-End Bonus.
3. In order to implement the CAB, a fund shall be allotted for the cash advance bonus.
4. A MINIMUM amount of Three Thousand Pesos (P 3,000.00) and a MAXIMUM amount of Ten Thousand Pesos (P10,000.00) shall be granted to a qualified member upon submission of a duly accomplished application form to the OSJEMPC office on or before March 31 and September 30 of the fiscal year, for Mid-Year Bonus and year-End Bonus, respectively. (BR ____-2016 effective March 2016)
5. The gross amount of CAB shall be deducted from the ATM Payroll of the Mid-Year and Year-End Bonuses on a ONE-TIME BASIS ONLY.
6. CAB applications shall be scheduled for payment on a first-come-first-served basis, taking into account the non-extendible period of filing applications wherein for Mid-Year Bonus should be filed on or before March 31 and for Year-End Bonus on or before September 30 for each fiscal year.
7. The proceeds of the Cash Advance Bonus (CAB) will be paid thru:
a. Regular Member - CASH
b. Associate Members – to be credited to member’s LBP payroll account on April 1 or within 1st week of April for Mid-Year Bonus and October 1 or within 1st week of October for Year-End Bonus respectively or thru issuance of check subject to handling fee .
8. In case of default in payment without valid reasons, one percent (1%) of the amount due per month of delays shall be charged to member/borrower.
9. In case of death, resignation, separation from the service, retirement and those who abscond, the entire unpaid balance shall become due and demandable without need of any formal demand. The CAB is not covered by the Manulife Loan Secure.
10. Cash Advance for Bonus shall be approved by the members of the Credit Committee, except when the CAB being approved comes from one of the members of the Credit Committee, in such case, the same shall be approved by the Board of Directors.
11. Payment of CAB is subject to the availability of Fund.