Write a Fast Formula for Voluntary Retirement Scheme

You can write your own custom logic in the fast formula to calculate the voluntary retirement scheme amount.

You can either write your own custom logic in the fast formula to calculate the voluntary retirement scheme 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_VRS_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_VRS_CALCULATION_FF
 * Description:  Custom VRS Calculation Formula for India Localization
 *
 ***********************************************************************************************/
 
/* The formula should have the below return value. 
l_vrs_amount_payable
Return -1, if any value is not overriden.
*/

l_vrs_amount_payable = -1

/* Begin Custom logic */

l_vrs_amount_payable = 15000

/*Custom logic End*/
	 
return  /* Use the below return variables*/
       l_vrs_amount_payable

Results:

The formula returns the values for VRS Amount Payable.