It is therefore important that the employer obtain written authorization to deduct money from a salary. Without a written agreement, you can be sued for damages if you do not pay an employee. An employer does not wish to participate in the budgeting of its employees or manage its finances, so there should be a staff credit policy and loans must be renewed responsibly by the employer, for example. B: they must indicate the reason for the deduction, such as. B a cash loan or interim payments for a salary or share purchases of the company, etc. However, an employee may have personal reasons for applying for a company loan (for unforeseen events, emergencies or difficult cases) and may not be required to disclose the reasons in detail. Your labor laws can also limit deductions to a percentage of gross earnings, so check your local laws before extending credits. The Usury Act also determines the amount of interest that can be charged. For more information on interest rates and interest-free loans, see our instructions on notes to order. Loan contract of the employee of these employees loan contract and change of sola (the agreement) is made and effective on this day of , 20 , between the name of the company (the company `), a company organized and exists according to the laws of the state with… The employer would therefore be advised not to extend the credits above the weekly or monthly salary.
A larger term credit contract should be entered into for long-term or large-scale loans that may extend beyond the duration of employment. Model vehicle /car sales contract (with vendor financing) online vehicle sale/car sales contract $12.99 (free trial)-click here the vehicle sales contract of this vehicle sales contract, this day of , 2004, from and below… An Employee Moving Loan – The company can pay the moving costs in advance, but if there is a contractual agreement to reimburse the employee, then it is up to the employee to repay the agreed amount. The employer can control the repayments of an employee`s loan, unlike a debt note on which the borrower controls the repayments. Model for establishing a pre-agreement for employees who need extra money before the next payday. The agreement, drawn up for employees, was lent by their employer. Effective Date (Legal Name) – Legal Name, AKA (Employer) Located at:Address (City), State (Code), AKA (Employee) at address (City), postal code staff thus recognize the debt to the employer of $100 for the following reason: the interest rate of 1 per cent per annum would be calculated on each outstanding amount and that the repayment should be applied to the interest and then to the principal amount. This employee authorizes the employer to deduct US$1 billion from the employee`s salary in two weeks, starting with /// until the total amount of the loan is fully paid. The employee also agrees that any remaining money be deducted from the end-of-year examination of the employee`s salary after dismissal or dismissal by the employer.