A cash advance is a short term financial assistance made available to cover special and urgent need of an employee of the university who qualifies under the conditions set forth under this policy.
Eligible Applicants
– Full-time permanent faculty or staff of the university in active service and not on Leave of Absence Without Pay provided that a two-month gap is established after the full payment of a previous cash advance
– Full-time probationary and contractual faculty or staff with one year or two full semesters of service and with the same provision as in No. 1
Amount
Maximum of P5,000.00 and depending on capacity to pay according to the terms set.
Terms of Payment
– Four equal semi-monthly installments through salary deduction to start on the nearest pay period
– In case of separation form the university, any outstanding balance must be paid in full
Documentary Requirement
A properly accomplished application form, approved and signed by the Treasurer.
Effectivity
This policy supersedes all previous provisions covering the same program and is effective June 1, 2008.
