Computer Purchase Loan Benefit Policy

The Company believes each person who wants a personal computer to enhance their job skills should have an opportunity to purchase one. With prior approval, an employee may purchase any computer enhancement software or even an entire updated system.

After selecting a system, the employee should give the invoice/ bill to the accounting department and they will pay it. At that time, you will be given a payroll deduction authorization/ loan form. This entitles the company to recover any money due in the event of non-payment by you for any reason. Computer purchase loans are made for a period not to exceed two years and are at zero percent interest. Upon termination, the entire balance is due within 30 days unless a payment plan is established.

Drafting Considerations

The following is background commentary for whoever is drafting or reviewing this policy -- not part of the operative policy above, and not something to publish as a rule employees are bound by.

The payroll deduction authorization/loan form must be signed by the employee in advance and comply with state wage-payment law, which governs whether and how a loan balance may be recovered through payroll deduction or from a final paycheck. For non-exempt employees, deductions may not reduce pay below minimum wage or any overtime owed under the FLSA. Confirm state-specific requirements before deducting from wages or requiring lump-sum repayment upon termination.