What is value type in SAP PA-PF - Pension Schemes?

SAP Term: value type

• Component: PA-PF

• Component Name: Pension Schemes

• Description: An object exclusively used by the pension functionality that enables you to store any kind of values such as dates, interest rates or amounts used for calculating pensions. To transfer the results of the various calculations to payroll, you must map the relevant value types to the corresponding wage types.

Smart SAP Assistant

• Key Concepts: 
  Value type is a component of the PA-PF Pension Schemes in SAP. It is used to define the type of value that is stored in a particular field. For example, a value type can be used to store a monetary amount, a date, or a text string. 
  
  How to use it: 
  Value types are used to define the data type of a field in the PA-PF Pension Schemes. When creating a new field, you must select the appropriate value type from the list of available options. This will ensure that the data stored in the field is correctly formatted and can be used for calculations and other operations. 
  
  Tips & Tricks: 
  When selecting a value type for a field, make sure that it matches the data that will be stored in it. For example, if you are storing monetary amounts, select the “Currency” value type. If you are storing dates, select the “Date” value type. 
  
  Related Information: 
  For more information on value types and how to use them in SAP, refer to the official SAP documentation. Additionally, there are many online tutorials and resources available that provide step-by-step instructions on how to use value types in SAP.