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 configured before the component for the specific Pension or Provident Fund can be created. Once the component has been added, it can be linked on the Employee Recurring Payroll Component Screen.
Edition
This feature is available on all PaySpace editions.
Navigation Path
Navigate > Config > Payroll > Administer Payroll Funds > Pension and Provident Setup
Overview
An extract of the Pension and Provident Setup Screen.
Creating More Than One Instance
Adding a Pension or Provident Fund will result in the first instance of the Payroll Fund being created. You can add more than one instance of the same Pension or Provident Fund, indicating different contributions.
Select is this fund a level of another fund? before creating another instance of a fund that has already been configured. It is paramount that this option is selected before specifying the fund type and name for the system to register the new option as a second instance of an existing fund.
An extract of the Pension and Provident Fund Setup Screen.
Payroll Components
Once the Pension or Provident Fund has been setup, you will then need to create the Employee Deduction and the Employer Contribution Payroll Components. The Pension or Provident Fund can then be linked to the employee on the Recurring Payroll Component Screen on employee level.
Extracts of the Payroll Component Catalogue
Important Comment
Tip It is not advisable to base the Pension or Provident Fund on Basic Salary if the fund is part of the package since it will result in a circular calculation
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