Important Considerations for Calculation Value Definitions in Benefits and Pensions

When you set up the pension schemes within your organization and their details like how contributions are handled, you can use the element templates provided specifically for Pensions.

By doing this, you are able to set up the optimum configuration that work with the Responsive User Interface (RUI).

You can add your own custom value definitions if the element template doesn't cover all your requirements for the Benefits and Pensions calculations. You can create or edit calculation value definitions using the Calculation Value Definitions task in the Payroll section

However, in order to display and enter the value definitions accurately, here are some recommendations and points to consider:

• When you select the Value Definitions Type to be created, a list of override types that can be entered at employee level is available. If you have overrides to your calculation value definitions, it is recommended that you create a separate value definition. For example, if your organization enables the employees to contribute to both flat amount deduction and percentage rate deduction, you could use either of these two options:
  • Create a calculation value definition for Flat Amount. If you already have an element created for employee contribution as a percentage, add the calculation value definition for flat amount. Create a calculation value definition for Percentage Rate. Attach both these calculation value definitions to the same element.
  • Create two separate elements for Flat Amount deduction and Percentage Rate deduction. You can set up each element with the relevant configuration using the template for percentage and flat amount, required.
• Although you can change the prompts of the value definitions that are created through the element template. However, these changes to the prompts won't be displayed in the RUI.
• You can create many calculation value definitions. In case you have defined more than 15 calculation value definitions for the Benefits and Pensions component, you won't able to display more than 15 in the RUI.