Do you know that you can take a salary advance loan if you are in dire need of money? The Ghana Education Service (GES) offers all teaching staff working under them something we call the “GES Salary Advance”.
In today’s article, I will be throwing more light on what GES Salary Advance is, its benefits, and how to apply.
There are many teachers in Ghana who take loans of GHS 300 or less just to solve issues of unexpected emergencies. Getting a loan of GHS 500 at any bank or savings and loans company in Ghana comes with huge interest and sometimes a lot of stress.
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What is GES Salary Advance
A salary advance is a loan you receive ahead of your monthly salary to aid you to cater for urgent needs. This is usually provided by your employee and in this case, the Ghana Education Service (GES).
You can apply for a GES Salary Advance loan. This is a two-month basic salary advance approved by management that may be paid to an employee proceeding on leave which may be recovered in twelve (12) months.
Benefits of the GES Salary Advance Loan
There are many benefits of the GES Salary Advance loan. The salary advance helps teachers to avoid high interest rates they may incur had they taken a soft loan from banks or savings and loans companies. You don’t need to provide a collateral before you can access it.
In the Collective Agreement (CA) for Teaching Staff of GES, there is clear evidence that the employer (GES) gives salary advances to its workers.
How to Apply for GES Salary Advance
If you are interested and would like to request for salary advance as a GES employee follow the steps below:
1. Request For Salary Advance
Write a request letter for a GES Salary Advance. Make it detailed and short. Make sure to add any information that will make it easier for them to process your application.
2. Get A Cover Letter
Make sure you get a cover letter from your headmaster.
3. Submit Your Application
Attach the letters and submit them to the GES IPP unit. If approved you will be notified about it. Teachers whose Advance Salary loans are approved will be paid by the Controller and Accountant General’s Department.
The repayment of the salary advance is deducted from your actual salary in installments and is usually interest-free.
GES Special Advance
GES may also grant special advances to members of the service in the event of verified death of an employee’s parent (father or mother), spouse, child, or in the case of theft, fire, or any disaster.
GES employees who will apply for this special salary advance may be considered for not more than two (2) months’ Special Salary Advance.
Repayment of such advance shall commence after two (2) months grace period and shall be spread over a period not exceeding twenty-four (24) months.
Advantages of GES Salary Advance
- It is interest-free
- Repayment is in installments
- It is paid directly to you
- Very helpful in times of unexpected emergencies
- It’s easy to repay
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