Salary Advances | Meaning and Definition

What is Salary Advance?

Salary advances are a type of financial benefit an organization may offer its employees. The salary advances are an earned salary benefit which means that an employee can withdraw the amount of salary he has earned up to the number of days he has worked in that particular month. The salary advance amount can be further deducted from the net income at the end of the month.

For example, an employee has applied for salary advances in the middle of the month. At the end of the month, the account will get credited with the remaining earned of the month, and the advance salary amount will be displayed on the salary slip.

Benefits of salary advances?