This component is used to process Superannuation for an employee.
Superannuation is a benefit provided to an employee on cessation of employee services. To give this benefit to an employee, the employer contributes to a Superannuation trust on a monthly or yearly basis. There is no similar contribution from employee.
This component does not form a part of the monthly pay slip and is not taxable.
· Payroll Process
Superannuation contributions are computed by the system as a part of the regular payroll process
This functionality computes the Superannuation payable to an employee at the time of termination of employment. During a regular payroll run, this component computes the Superannuation and stores the results in provisional wage types.
The Superannuation component comprises:
· Personal IDs Infotype (0185) Superannuation for India Subtype (01)
In the subtype, you maintain the Identification Number of the employee and the name of the trust, in which you are contributing for Superannuation.
Using this report you can generate a Superannauation List. This list gives an employee wise contribution towards a Superannuation trust, for a specified period.