Bank News

What Is a Salary Project? 

A salary project is a banking service that automatically transfers all payments to employees (salaries, advances, sick pay, etc.) to their bank accounts.

The service is convenient for both businesses and employees: it saves time and resources for the former, and ensures timely payments for the latter, day in, day out, without delay.
The salary project is especially beneficial for individual entrepreneurs— they no longer have to deal with paper chores, all payments are transferred automatically.

Below, we will discuss in detail how the salary project works and what are its advantages.

How does the salary project work? 

A company or an individual entrepreneur prepares a payroll sheet indicating employee data, card details, and types of payments.

The bank verifies the information and prepares a payment order, after which the company transfers the required amount for monthly payments.

It is important to note: entrepreneurs do not need to enter employee data or salary amounts every month. If the amounts are fixed, entering the data once is enough.

After the funds are received, the bank transfers the money to the employees' salary cards, and sends the entrepreneur a report on the payments made.

What are the benefits for business?

• Simplification of calculations and automation of payments.
• Reduced amount of errors and penalties.
• Increased employee loyalty and satisfaction.
• The possibility of integrating the salary project with accounting programs, which eliminates the need to visit the bank's website to conduct transactions.

Benefits for employees: 

• Quick and convenient access to your salary via a bank card.
• The opportunity to use the bank's credit products and deposits.
• Participation in promotions and loyalty programs from the bank.

In addition, a salary account is opened for each employee, which receives regular payments. This simplifies access to money, allows you to use banking services and ensures the safety of funds.

How can I join a salary project? 

To join the salary project, you need to contact the bank and clarify all the details with the manager: terms and conditions of service, types of plastic cards, a list of necessary documents and other nuances.

The list of documents may vary, but usually includes:

• business registration certificate;
• TIN;
• passport data of the company director or individual entrepreneur.

After reviewing and signing a contract with the bank, all that remains is to wait for account opening and card issuance for employees.

It is important to keep in mind that the connection and service conditions may vary depending on the banks. Here are just a few of the conditions that we recommend paying attention to:

1. The cost and conditions of issuing salary cards

2. Connection and maintenance fees

3. Salary transfer fee

4. Availability of ATMs in the country and commission for cash withdrawal from ATMs of other banks

5. Availability of 24/7 support service.

What is important to consider when joining a salary project? 

The legislation of the Kyrgyz Republic allows paying an employee's salary in cash or by transfer to a bank account. However, it is important to keep in mind that an employee has the right to choose whether to participate in a salary project or receive a salary in cash.

If there is a clause in the employment contract stating that salaries are paid via a salary project, then the employee must comply with these conditions.

If not, written consent or a statement is required to join the salary project.

The employer is obliged to warn employees that their personal data will be transferred to the bank when they join the salary project. However, this data is reliably protected.

A salary project is a convenient mechanism that benefits both businesses and employees. The main thing is to choose the right bank and terms of service.

At the Companion Bank, you can apply to join the salary project online, directly on the website. Our experts will contact you and provide detailed consultation.

Visa Gold cards are provided for employees, and Visa Business cards are provided for businesses, which can be used to pay both in Kyrgyzstan and abroad. The cards are delivered directly to the office, and cash withdrawals are commission-free.