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Pension Scheme
Pension scheme is a long term savings plan. According the countries pension scheme, employees save little money from their salary during their working life so that they have enough funds when they retire.
You can set up the pension scheme from Payroll>>Pension Scheme page. Before the Pension Scheme is set up, you need to provide information about the Pension Provider.
While setting up the Pension Scheme, choose the Provider’s name and enter the Scheme name. Then enter the Contribution details per employee and per employer.
Local Employees are identified by their Country, Passport Number and Passport Issue By fields available at HRMS>>Edit Employee Profile page. If their country is the same as employer’s country, then they will use the pension scheme for local employees. The pension scheme can be based on percentage or a fixed amount. If it is a percentage, you need to set up from which allowance/salary it should be deducted from: Basic Salary or Basic Salary + Allowances.
After the scheme is correctly set up, it will be deducted from employee’s payruns.