What is 'no additional funding scheme' in SAP PA-BN-FB - Flexible Benefits?

no additional funding scheme - Overview

• Component: PA-BN-FB

• Component Name: Flexible Benefits

• Description: An organization provides a salary plus a fixed range of core benefits and standard benefits for its employees. The organization, however, wishes to give its employees some flexibility for benefits selection, to suit their own risk tolerance level. Therefore, by allowing the employee to increase or decrease the levels within each of these benefits, the employee is given a degree of flexibility with regards to the benefits he or she receives. Ultimately, the employee must pay any additional costs should they, for example, only increase their levels of benefits chosen above the level of the standard benefits provided. Conversely, the employee benefits in cash where the level of benefits chosen is below the value of the standard benefits provided by the organization.

no additional funding scheme - Details

• 
  Key Concepts: 
  No additional funding scheme is a feature of the SAP PA-BN-FB Flexible Benefits component. This feature allows employers to provide their employees with a range of benefits, such as health insurance, without having to provide additional funding. Instead, the employer can use existing funds to cover the cost of the benefits. 
  
  How to use it: 
  The no additional funding scheme feature can be used by employers to provide their employees with a range of benefits without having to provide additional funding. To use this feature, employers must first configure the SAP PA-BN-FB Flexible Benefits component in their system. Once configured, employers can then select the benefits they wish to offer and configure the no additional funding scheme accordingly. 
  
  Tips & Tricks: 
  When configuring the no additional funding scheme, it is important to ensure that all of the benefits offered are within the employer’s budget. Additionally, employers should ensure that they are aware of any applicable laws or regulations that may affect their ability to offer certain benefits. 
  
  Related Information: 
  For more information on the SAP PA-BN-FB Flexible Benefits component and its features, please refer to the official SAP documentation. Additionally, there are a number of online resources available that provide detailed information on how to configure and use this component.