Rajasthan allows govt employees to withdraw salary in advance, becomes first state to take such initiative

Under this scheme, state government employees can avail multiple salary advances in a month, up to a maximum of 50 per cent of their net monthly salary. If an advance is taken before the 21st of the month, it will be deducted from the employee's current month's salary

FP Staff|Jun 02, 2023, 15:38:24 IST

The Rajasthan government has introduced the Earned Salary Advance Drawal Scheme, allowing employees to receive their salaries in advance. The initiative was announced by the Finance Department on 31 May, and it makes Rajasthan the first state in India to offer such a facility to its workforce. The scheme came into effect from 1 June.It will be administered through the Integrated Financial Management System (IFMS) 3.0, providing access to various financial institutions and service providers, as stated in the official announcement.Under this scheme, state government employees can avail multiple salary advances in a month, up to a maximum of 50 per cent of their net monthly salary. If an advance is taken before the 21st of the month, it will be deducted from the employee's current month's salary.To utilise this service, employees must log in to IFMS 3.0 using their SSO ID and submit their consent and undertaking through the Employee Self-Service section to their chosen service provider or financial institution, according to News18.Alternatively, they can directly visit the online portal of their financial service provider to submit their undertaking and later provide their consent via OTP-based verification on the IFMS website.The undertaking submitted by the employee to the financial institution or service provider will remain valid until the completion of the contract between the lenders and Rajasthan Financial Service Delivery Limited (RFSDL).One significant aspect of this scheme is that government employees will not be charged any interest for receiving their salaries in advance. Only transaction fees will be levied by the lenders.This development is expected to benefit lower-income employees who will no longer need to resort to borrowing at high interest rates to meet their immediate needs.With inputs from agenciesRead all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

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