Payroll Funds Setup | Income Protection Policy and PHI Scheme Setup

Payroll Funds Setup | Income Protection Policy and PHI Scheme Setup

About

Employer-owned insurance policies, such as an Income Protection Policy or Personal Health Insurance Scheme, where the company contributes on behalf of their employees, should be set-up as a Payroll Fund. The Income Protection Policy or PHI Scheme needs to be configured before the components for the specific Income Protection Policy or PHI Scheme can be created. Once the components have been added, it can be linked on the Employee Recurring Payroll Component Screen.

Edition

This feature is available on all PaySpace editions.
Navigate > Config > Payroll > Administer Payroll Funds > Income Protection / PHI Screen

Overview

An extract of the Income Protection / PHI Setup Screen.





Payroll Components

Once the Income Protection Policy or Personal Health Insurance Scheme has been setup, you will then need to create the Employee Deduction and the Company Contribution Payroll Components. The Protection Policy or Personal Health Insurance Scheme can then be linked to the employee on the Recurring Payroll Component Screen on employee level.

Extract of the Payroll Component Catalogue




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