What is 'life event' in SAP PA-EC - Enterprise Compensation Management?

life event - Overview

• Component: PA-EC

• Component Name: Enterprise Compensation Management

• Description: An event at the employee level such as marriage, retirement or termination, that affects the administration of LTI data, particularly the number of awards, the expiry date and the way vesting is handled.

life event - Details

• 
  Key Concepts: 
  A life event is a change in an employee’s personal or professional life that affects their compensation. Examples of life events include marriage, divorce, childbirth, adoption, and job promotion. In SAP’s Enterprise Compensation Management (PA-EC) component, life events are used to trigger changes in an employee’s compensation package. 
  
  How to use it: 
  In the PA-EC component, life events are used to trigger changes in an employee’s compensation package. When a life event occurs, the system will automatically update the employee’s compensation package to reflect the change. This ensures that the employee is always receiving the correct compensation for their current situation. 
  
  Tips & Tricks: 
  It is important to ensure that all life events are accurately recorded in the system. This will ensure that the employee is always receiving the correct compensation for their current situation. Additionally, it is important to keep track of any changes in an employee’s personal or professional life that could affect their compensation package. 
  
  Related Information: 
  For more information on SAP’s Enterprise Compensation Management (PA-EC) component, please refer to the official SAP documentation. Additionally, you can find more information on life events and how they affect an employee’s compensation package on various online resources.