Permanent Health Insurance (PHI)
You can process employee and employer contributions for approved and unapproved Permanent Health Insurance schemes for your employees.
Person-Level Calculation Card
You can create a new Permanent Health Insurance calculation card that enables you to record employee and employer contribution rates. This can be processed through payroll as a deduction for approved and unapproved PHI schemes.
The component for this card has attributes for:
- PHI Reference
- Employee contribution & Employer contributions
- with a choice of entering either a percentage o a flat amount (but not both at the same time)
- Approved/unapproved scheme indicator.
- Used this to indicate if this is an approved scheme
- Default is Unapproved scheme and contributions will not be subject to any Statutory Deduction relief
- Approved scheme contributions will be processed in accordance with the rules for Statutory Deductions liabilities for PRSI, PAYE & USC.
Elements, Classifications, and Balances
New classifications have been delivered for standard and supplemental earnings.
Elements are also delivered to hold calculations results and balance feed to make deductions and hold relevant information for PHI.
New balances are fed by either the new classifications or elements delivered (some that are for information to be used, if required). A few other existing balances are also fed by the new elements to ensure all the statutory deductions are calculated correctly when the payroll process runs.
Legislative Rates and Value Definitions
The new value definition and legislative rates define that employees and employers can contribute up to 10% of their earnings. You can enter a percentage as well as a flat amount for employee or employee contributions attributes on the component.
You can process taxable benefits through payroll to ensure statutory deductions are calculated and applied to the cash equivalent value.
Steps to Enable
For more information, see Oracle Help Center ->Cloud Applications -> Human Resources -> Playbooks -> HR and Payroll Localizations -> Ireland