Document background
The Employee Loan Repayment Agreement is essential when employers in Singapore provide financial assistance to employees through company loans. This document ensures compliance with Singapore's Employment Act, Moneylenders Act, and related legislation while protecting both parties' interests. It specifies loan amount, interest rates, repayment terms through salary deductions, and consequences of default or employment termination. The agreement is particularly relevant during employee financial hardship or as part of employee benefit programs, requiring careful consideration of maximum allowable salary deductions and interest rate limitations under Singapore law.
