Classic | Pension and Provident Fund Set-up

Classic | Pension and Provident Fund Set-up

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‚Äôs 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 Component Screen.

Please note: Click on any image in the article to enlarge.

NextGen or Classic

The Classic version is the name given to the previous look and feel of the system. Important to note, both NextGen and Classic point to the same database. No data migration is therefore applicable. 

This article covers Pension and Provident Set-up for the Classic version of the system.

An Example of the Classic Landing Page


The article that explains the same for the new and improved NextGen version, is coming soon.

An Example of the NextGen Landing Page


Edition

This feature is available on Lite, Premier and Master.

Navigation: Company Menu>Administer Payroll Funds>Pension and Provident Setup

Overview





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.



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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