Maintaining details of pension funds
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Select the “Record Pension Fund Details” option from the left pane.
The “Record Pension Fund Details" page appears.
The system displays the following detail.
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Date Format |
The date format applicable to the login user. |
Enter the following basic details of a pension fund.
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Pension Setup Unit |
From the drop down list box, select the organization unit in which you want to create the new pension fund. |
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Pension Fund |
From the drop-down list box, select “New” to indicate you are recording details of a new pension fund. |
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Pension Fund Code |
A unique number to identify the pension fund. |
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Pension Fund Name |
The name of the pension fund. |
Enter the following details in the “Pension Contribution” group box.
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Employer Contribution % |
The percentage of employee pensionable salary that the employer contributes towards Pension Fund every month. |
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Employee Contribution % |
The amount of base salary of the employee that the employer pays towards Pension Fund each month in percentage. |
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Interest Rate (%) |
The percentage of employee pensionable salary that the employee contributes towards Pension Fund every month. |
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Interest Computation Rule |
The rule that computes the interest on pension fund. If you do not find any of the existing rules appropriate for computing interest, select the “Define Rule” link to open the “Maintain Business Rule” page. Here you can create a rule to calculate interest on pension fund or select an existing rule and modify it to meet the requirement. Help Available |
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Pension Salary Accumulator |
From the drop down list box, select the Accumulator for computing the pension.(An Accumulator refers to the set of pay elements that constitute Employee Pensionable Salary, which is defined in the Payroll component.) |
Enter the following details in the “Fund Details” group box.
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Fund Finance Book |
From the drop-down list box, select the finance book pertinent to the pension fund. |
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Pension Fund Account Code |
A unique number to identify the pension fund account. |
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Pension Fund |
The location of the pension fund office. |
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Country |
The country where the office of pension fund is located. |
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State |
From the drop-down list box, select the state in the specified country where the pension office is located. |
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PIN Code |
The postal code of the address. |
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Phone 1 |
The phone number to contact the pension fund office. |
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Phone 2 |
The phone number to contact the pension fund office. |
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Phone 3 |
The phone number to contact the pension fund office. |
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Fax |
The fax number of the pension fund office. |
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Bank Name |
The official banker for the pension fund. |
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Bank Account No |
The account number of the pension fund in the specified bank. |
Enter the following in the “Tax Details” group box.
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PAN |
The Permanent Account Number of the pension fund. |
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TAN |
The Tax Deduction Account Number of the pension fund. |
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TDS Circle |
The TDS circle applicable to the pension fund |
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Authorized Signatory |
The official who is the authorized signatory for the pension fund. |
Enter the following in the “Modification Details” box.
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Modification Option |
From the drop down list box, select “Update”. |
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New Effective From |
The date from which the pension fund becomes operational. |
Select the “Save” pushbutton.
To modify details of pension fund
Select the following details to identify the pension fund you want to modify.
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Pension Fund Setup Unit |
From the drop down list box, select the organization unit in which the pension fund exists. |
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Pension Fund |
From the drop down list box, select the pension fund. |
The system displays the name, code and, the start and end dates of the effective period of the pension fund. The “Effective To” date for the latest record is set only after a new record is created and hence the field displays blank.
The details defined for the selected fund under the “Pension Contribution”, “Fund Details” and “Tax Details” boxes are also displayed.
You can modify all the details except the pension fund code.
Specify the following in the “Modification Details” box.
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Modification Option |
From the drop down list box, select
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New Effective From |
The date from which the updated record becomes operational. You must enter the date only if you have selected “Update” in the “Modification Option” field. The “Effective To” date for the previous record is set to the previous day. For example, if you have updated the record on 10-02-2006, the system sets the “Effective To” date of the previous record to 09-02-2006. |
Select the “Save” pushbutton.
Select “Pension Setup Unit” and “Pension Fund” fields.
The system displays the details pertinent to the selected pension fund.
Select the “Delete” pushbutton.
Select “Previous” and “Next” pushbuttons to look at the records of the selected pensioner
The system, by default, displays the most recent record. From here you can traverse to the required record using the buttons mentioned above.
6 Hyperlinked text below
To modify /view details of a pension fund
To modify details of pension fund