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
Need to configure Pension Fund
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
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
-
- Posts: 258
- Joined: Sun Oct 12, 2008 1:50 pm
- Location: Saudi Arabia
- Contact:
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
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
-
- Posts: 258
- Joined: Sun Oct 12, 2008 1:50 pm
- Location: Saudi Arabia
- Contact:
Who is online
Users browsing this forum: No registered users and 0 guests