Familiar with employee accounts? Yes, it is undeniable that everyone may have their own needs.
Thus, cash or loans are often used by employees as the last resort to meet urgent needs.
Please note that the need for employees today is increasing. This makes companies make the best policies and benefits to be able to retain employees and help them.
One way is through the employee cash account. However, it seems that employee benefits are not a suitable benefit option for all employees.
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Therefore, take a look at the sundries of employee cash receipts and what are the alternatives that don’t interfere with the company’s cash flow.
Meaning of Kasbon
Kasbon is a company facility that allows employees to take part of their salary earlier than the payday date. At the end of the month, employees will be repaid through monthly salary deductions or cash payments. The nominal itself is usually determined based on the length of time the employee has worked.
The longer he works, the bigger the loan he gets. Later, the loan repayments can be paid in monthly installments by reducing employee salaries .
Actually, this employee cash account is an alternative for them to avoid illegal online loans . So that employees also feel safer when using it.
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Cash System
Kasbon is a type of employee loan . The simple cash account calculation makes this loan often used by employees. Kasbon filing system has been determined by each company.
Usually the amount of cash in cash should not be more than 1/3 to 1/2 of an employee’s salary. If an employee applies for a cash bond, he or she is obliged to repay the loan in accordance with it. The method of return can be in the form of a salary deduction system at the end of the month when the salary is distributed.
Reasons for submitting employee cash receipts
Apart from urgent needs, here are some needs that are usually used as an excuse by employees when borrowing money from companies.
1. Health Costs
If for personal health expenses, the employee is covered by BPJS Health or insurance, but not if the sick person is a family member such as father or mother.
For employees who are not ready for this, especially if the illness suffered by the family is quite severe and requires long-term treatment, employees will definitely rely on cash receipts or employee loans.
2. Child Education Expenses
It is undeniable that the cost of educating children is getting higher. Especially for employees who already have children, thinking about the cost of education may be a headache.
They have to think about costs starting from entrance fees, monthly payments, uniforms, to textbooks.
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3. Wedding Expenses
The cost of marriage, especially in Indonesia, can be considered quite high.
Sometimes, as good as someone is in financial management , sometimes the budget that swells due to marriage is unavoidable.
Therefore, employees’ cash accounts are often the last bumper to meet the shortage of funds.
4. Home Renovation Costs
Currently, the weather is indeed uncertain. One day it can be hot, the next it can be rainy. Not infrequently, houses that have not been repaired for a long time become prone to leaks and flooding.
If employees are not ready to have funds for renovation costs, they often take advantage of employee loans.
Employee Cash Account Risk for the Company
Although it helps employees a lot, the existence of this benefit program has several risks that need to be considered by the company in implementing it. Here are some of them.
1. Loan Dependence
Employees who are given loan facilities also have the potential to be able to depend on these loans in the future.
It is possible that the first loan he really needed it. But it could be that the next loan can be used for something unnecessary, making it a dependency.
For this reason, companies need to tighten the rules on cash cards again so that employees really think twice before using them.
2. Risk of Default
Actually, this can be avoided if the company implements a pay cut system. However, if employee loans require them to pay themselves to the company, there is a risk of default.
Especially if the employee leaves or resigns before the loan is repaid. This can pose a risk of default so that the company loses money.
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3. Disturbing the Company’s Cash Flow
When there are employees who do kasbon, it should be remembered that the company uses money outside of employee salaries. That is why usually the loan approval process will take time.
For new companies, if the approval process does not pay attention to the company’s cash flow at that time, it can certainly disrupt the company’s financial condition.
Those funds that should have been used for other company needs instead need to be diverted to lend them to employees. So that the financial condition of employees should also be taken into consideration.
Then, are there other alternative solutions that can replace employee cash receipts and not interfere with the company’s cash flow?