Severance Payments (Infotype 0401) 

Definition

Infotype 0401 is mandatory for each employee and enables you to record the information required for the processing of severance payments.

Structure

This infotype consists of the following sections:

Seniority Credit

This section includes the settings where you must specify whether the severance payment Deposit is to be made in a Company Account or with an External Banking Company.

Company Account: Settings

The information for calculating interest is recorded in this section, which has the following settings:

●     the rate type to use for calculating interest on severance payments (average lending rate or average deposit and lending rates set by the Central Bank of Venezuela),

●     whether the employee decided to capitalize the earned interest earned or not.

External Banking Company: Bank Data

This section is completed with the relevant data on the banking company with which the severance payment is to be deposited.

There is also a checkbox that must be filled if the employee must be paid annual seniority days at the end of the year. If you do not fill the checkbox, the amount corresponding to the annual severance payment days will be capitalized.