Innovative and diverse team-members at AXPulse have come up with an enhancement to HR Module under which an employer can create several loan benefit schemes. In order to safeguard this process, the employer needs to create eligibility rules, any employees who fits the description can then access the loan request form through an employee service portal and suggest a personalized payment schedule as per his/her convenience.
The loan payments, as advised by the employee will automatically be deducted from the pay statement of the employee under the deductions column and no extra efforts will have to be made by the employer.
Other key features of the add-on includes:
- Employer can preset the benefit coverage period which will restrict the employee from making a loan request.
- Employer needs to define the eligibility criteria for the loan benefit scheme.
- Employer can create a mass enrollment scheme or specifically enroll an individual employee.
- This loan payment schedule needs to be validated by a HR Manager.
- Multiple loan schemes can be created by the employer within a financial year. For example Hajj loan, Student loan, Marriage loan etc
- Automatic pop-ups to HR Manager if there are any unforeseen changes to the payment schedule such as long-term employee absence, employee resignation etc
SCREEN-SHOTS FROM THE ADD-ON
The potential users for this add-on are all MS Dynamics AX users who provide an interest free loan to their employees as a benefit scheme under the payroll cycle.
AXPulse will soon be making available the interest enabled version of this enhancement to completely cover loan transaction arrangements between an employer and an employee.