Botswana: Group Life Fringe Benefits Explained
Within Botswana a superannuation benefit arises for approved Pension and Provident funds which is consolidated into a single fund with multiple elements.
In certain scenarios companies may contribute towards unapproved funds with separated elements for Group Life , Disability, Death and Damage funds which would be reflected as company contributions and the funds would not have a specific payout benefit towards employees .
Once the company contribution components are added to the recurring screen of employee records, the system will not trigger a corresponding Fringe Benefit automatically, however the company can opt to add a additional fringe benefit to the record to apply a taxable portion on the employee tax calculation.
Please note available only on Premier and Master Editions.
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