1. PURPOSE
Transfer employees’ salaries and benefits to their personal bank accounts.
2. APPLICABILITY
2.1. All types of employees.
3. DEFINITIONS
3.1. Salary: Basic salary and allowances.
3.2. Benefits: is perks offered to employees in addition to salary. The most common benefits are overtime, end of service award, retirement benefits, paid time off and etcetera.
4. POLICY
- 4.1. The payment of employees’ salary is transferred at the end of each month.
- 4.2. Employee benefits are transferred based on the due date of payment.
- 4.3. The bank transfer is done according to the authorities agreed on with the Mudad platform.
5. PROCEDURE
- 5.1. The process starts after receiving the bank file from payroll section.
- 5.2. The accountant of accounts payable reviews and matches the bank file and employees’ data with the payroll report. As a result of this matching:
- 5.2.1. In case there are comments, he sends the comments to the payroll section to do required amendments.
- 5.2.2. In case there are no comments, he sends the bank file to the financial accountant to approve the transfer.
- 5.3. The Manager financial reviews and approves the bank file data, then send it to the CEO for final approval if modifications are not needed.
- 5.4. The CEO reviews and gives the final approval on the bank file data.
- 5.5. The accountant of accounts payable performs the transfer through Mudad platform.
6. RESPONSIBILITIES
- 6.1. The payroll section is responsible to prepare bank file.
- 6.2. The Manager Finance is responsible to co-approve transfer.
- 6.3. The CEO gives the final approval for the transfer.
7. APPENDICES
- 7.1. Process graphic: Transfer of Employee Benefit. (Appendix A.)
- 7.2. Process steps: Transfer of Employee Benefit. (Appendix B.)
9. DEVELOPMENT TEAM
- 9.1. Accountant, Financial Control
- 9.2. Accountant, Treasury
- 9.3. Accounting, Financial Accounting