Write a Fast Formula for Commuted Pension

You can write your own custom logic in the fast formula to calculate the commuted pension amount.

You can either write your own custom logic in the fast formula to calculate the commuted pension. amount or enter the amount directly in the seeded element to override the amount calculated by the seeded element.

1. Navigate to: Payroll > Fast Formulas.

2. Click Create and enter the formula name: XXCUST_INDIA_COMMUTED_PENSION_CALCULATION_FF

3. Enter the Type: Oracle Payroll

4. Enter additional details like Description, Legislative Data Group, Effective Start Date, and click Continue.

5. Write the formula text in the Formula Text editor that opens.

6. Click Submit.

7. Compile the formula and verify that there are no errors.

/******************************************************************************
 $Header: 
 * Formula Name:  XXCUST_INDIA_COMMUTED_PENSION_CALCULATION_FF
 * Description:  Custom Commuted Pension Calculation Formula for India Localization
 ***********************************************************************************************/

/* The formula should have the below three return values. 
l_commuted_pension_payable -- Corresponds to input value : Amount Paid	
l_total_commuted_pension   -- Corresponds to input value : Total Pension Amount
l_percentage_total_pension -- Corresponds to input value : Percentage of Total Pension
*/

l_commuted_pension_payable = -1
l_total_commuted_pension= -1
l_percentage_total_pension = -1

/* Begin Custom logic */

l_commuted_pension_payable = -1
l_total_commuted_pension = 4000000
l_percentage_total_pension = 40

/*Custom logic End*/

return  /* Use the below return variables*/
       l_commuted_pension_payable, 
	   l_total_commuted_pension,
       l_percentage_total_pension

Results:

The formula returns the values for Amount Paid, Total Pension Amount and Percentage of Total Pension.