How do I set up Pension Fund components?
This feature is available on all PaySpace editions
Once a Pension fund has been created, the corresponding employee deduction and company contribution components have to be set up on company level before linking the components to employees.
Step 1: Search for and create the employee deduction and company contribution Pension Fund components.
Navigate > Config > Payroll > Payroll Config > Payroll Components
Step 2: Add the components to the Deductions and Company Contributions payslip sections of the employee's Recurring Payroll Components screen.
Navigate > Employee > Payroll Processing > Recurring Payroll Components > Deductions
Navigate > Employee > Payroll Processing > Recurring Payroll Components > Company Contributions
The components will be displayed on the Employee's Edit Payslip screen accordingly.
Related FAQ
Related Articles
Payroll Funds Setup | Pension and Provident Fund Setup
About A variety of Pension and Provident Funds are available to choose from on the Pension and Provident Setup Screen. You can select and configure the relevant funds according to the company’s requirements. The Pension or Provident Fund needs to be ...How do I set up the Provident Fund components?
This feature is available on all PaySpace editions Once the Provident fund has been created, the corresponding employee deduction and company contribution components have to be set up on company level before linking them to employees. Step 1: Search ...Where can employees’ Pension Fund Reference Numbers be recorded?
This feature is available on all PaySpace editions. An employee's Pension Fund Reference Number can be recorded on their Recurring Payroll Components screen, in the corresponding employee deduction and employer contribution components. Navigate > ...How do I create a Pension Fund on company level?
This feature is available on all PaySpace editions Pension funds have to be created on company level before they can be linked to Employees. Navigate > Config > Payroll > Administer Payroll Funds > Pension and Provident Setup Related FAQ How do I set ...Why would an employee's provident/pension fund employee deduction component reflect as a company contribution?
An employee's provident/pension fund employee deduction component will reflect as a company contribution if the component has been marked as "in package". Edit the component and disable the checkbox so that the component is correctly reflected as a ...