What is guaranteed income in SAP PA-PF - Pension Schemes?

SAP Term: guaranteed income

• Component: PA-PF

• Component Name: Pension Schemes

• Description: A monthly income an employee is entitled to in case of accident or illness and that applies to employees who participate in a benefits plan including a disability insurance.

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• Key Concepts: 
  Guaranteed income is a feature of the SAP Pension Schemes component (PA-PF) that allows employees to receive a fixed amount of income each month, regardless of their pension fund performance. This feature is designed to provide financial security and peace of mind for employees in retirement. 
  
  How to use it: 
  The guaranteed income feature can be set up in the SAP Pension Schemes component. The employee's pension fund performance will be monitored and the guaranteed income will be adjusted accordingly. The employee can also choose to opt out of the guaranteed income feature at any time. 
  
  Tips & Tricks: 
  It is important to remember that the guaranteed income feature does not guarantee a certain level of income in retirement. The amount of income received may vary depending on the performance of the pension fund. 
  
  Related Information: 
  For more information about the SAP Pension Schemes component, please visit the SAP website at https://www.sap.com/products/pension-schemes.html.