To cover end-of-year expenses, salary advance payments are popular

The end of year celebrations generate extras that are sometimes difficult to finance, especially in times of inflation. But there is a new trend in vogue, it is the salary deposit.

The salary advance corresponds to payment for the hours of work you have already worked during the month. And requests are exploding at the moment: more than one employee in four has resorted to a salary deposit. This is a tip that is still little known, yet it is a right enshrined in the Labor Code. It avoids bank overdrafts and limits agios which could also end up under the tree.

All employees can benefit from it, whether they are on a fixed-term contract or a permanent contract. The only condition is to be paid monthly by the company. So, it does not work for seasonal workers, intermittent workers or even employees working from home. Be careful not to confuse a deposit with a salary advance. A salary advance is the advance payment of part of the salary for a period of work that has not yet been completed.

To obtain it, instructions for use

To receive this salary advance, you make your request from the 15th of the current month to your employer who is obliged to accept it, especially if it is a first request. If you are a little tight for the month of December, you still have a week to decide and make your request. Then, if normally you receive your salary at the end of the month, on the 30th for example, you make your request around the 15th, you will therefore receive your deposit a few days later, and at the end of the month, this deposit will therefore be deducted of the salary amount and you will receive the supplement. It can be paid in cash if the amount is less than or equal to 1,500 euros. On the other hand, if it exceeds 1,500 euros, the employer must pay you by check or bank transfer.

The process is a little complicated for both employers and employees. Each installment requires approximately twenty minutes of processing time. But as they often say, time is money. The difficulty is that there is only one slot per month to request it. But there are applications to help you that simplify this procedure, free, and accessible 7 days a week, 24 hours a day. In addition, they allow you to follow the evolution of your income in real time. You have the choice between 1pact, Spayr or even PayFit. It is a good alternative to the bank overdraft, especially when we know that the agios represent 7 billion euros each year, for the benefit of the banks.