Encashment of Annual Leave

As part of the Holidays Amendment Act 2010 there is a provision to allow an employee to have up to 1 week of their annual holiday entitlement paid out. Only annual holidays the employee becomes entitled to from 1 April 2011 may be paid out.

To incorporate the above amendment, Oracle has delivered a new variable LVE VR ANN ENCASH wherein end user can input the no of hours or days an employee would like to avail the encashment.

The variable is used in the formula LVE FM ANN ENCASH. This formula calculates greater of ADP and RDP hourly rate and multiplies with the no of hours or days given in the supporting variable LVE VR ANN ENCASH, the resultant value would be passed to earning ANN LVE ENCA.