SalaryImage Credit source: Representational Image
Employees of Rajasthan State will now be able to get their salary in advance through the Advance Withdrawal Scheme from the salary received by the State Government. The Finance Department of the Government of Rajasthan announced on May 31 that Rajasthan has become the first state in India to give advance salary to its employees. This facility has been implemented for all employees from 1st June. The facility will be administered through Integrated Financial Management System (IFMS) 3.0, where other financial institutions and service providers will be present.
A State Government employee can take multiple advances in a month but it cannot exceed 50 percent of the monthly salary that is payable. If the employee takes advance salary before 21st of any month, then it will be recovered from his current salary month.
This is how you can take advantage
- State Government employees who want to use this service need to login to IFMS 3.0 using their SSO ID.
- The employee will have to give his consent and undertaking to his service provider or financial institution through self-service.
- Employees can directly login to the online portal of their financial service provider to submit their undertaking.
- Later you can visit IFMS website to submit your approval through OTP based technology.
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Only transaction fee will be charged
- The special thing about this scheme is that the government employee will not need to pay interest to get his compensation in advance.
- Only transaction charges will be recovered from the lenders.
- It is estimated that younger employees would benefit more from the option of receiving half of their compensation in advance.
- Employees will not need to borrow money at higher rate of interest in future to meet their needs.
Source: www.tv9hindi.com”