Need to configure Pension Fund

[hina.hrms]

Hi All,

I am using R12,not using advance benefits but need to configure Pension Fund and its criteria is 10% of Regular Income

contribution both from employer and employee, now I have configured an element with type of voluntary deduction and through

standard rates , I want to configure two Rates one is Employee and other is Employer and taken Plan as level and in the calculation method which method should I take so my requirement would be fulfill.

kindly correct & guide me as I have not worked on benefits , Thanks in Advance

Regards,

Hina

[Maham]

Dear Hina,

As for as employee contribution is concerned, it can be dealt as deduction from gross income but employers contribution needs its income. So, you will have to define an income element of 10% of income and then deduct in deductions.

Dear, i am not an expert but i think it will serve the purpose.

Regards

[eng_ahmad_2007]

Dears,

I think the best way to implement it is as follows:

-- Define three elements that will derive values from Basic Salary or from gross income. those elements are: Pension Fund, Employer Pension Fund Contribution which is an information element and Employee Pension Fund Contribution which is a deduction element.
-- The last two elements are non-recurring while the first one is recurring.
-- In formula results, let the non-recurring elements be driven from the main recurring element.
-- In Fast Formula, make your calculations based on the input values you put and on the database items that you can use.

I hope this is useful,

Best Regards,
Ahmad Ghanem
Senior Oracle HRMS Consultant

[hina.hrms]

Thanks, is it possible to implement this through one element via standard rates? because client requirment is to implment through one element.

[eng_ahmad_2007]

Dear Hina,

I also have not worked on Advanced Benefits Module. But I will try to see if this work.

Regards,