What is federal wage system in SAP PSM-FG - Functions for U.S. Federal Government?

SAP Term: federal wage system

• Component: PSM-FG

• Component Name: Functions for U.S. Federal Government

• Description: The Federal Wage System is applied to federal hourly-wage employees and is based on multiple pay grades and steps.

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• Key Concepts: 
  The Federal Wage System (FWS) is a pay-setting system used by the U.S. federal government to determine the wages of its employees. It is administered by the U.S. Office of Personnel Management (OPM) and is based on the principle of equal pay for equal work. The FWS is used to set wages for federal employees in certain occupations, such as clerical, administrative, and technical positions. 
  
  How to use it: 
  The SAP PSM-FG Functions for U.S. Federal Government module provides a comprehensive set of tools for managing the FWS. It allows users to create and maintain wage schedules, set wage rates, and manage employee compensation. It also provides tools for tracking employee performance and managing payroll processes. 
  
  Tips & Tricks: 
  When setting up the FWS in SAP PSM-FG, it is important to ensure that all wage schedules are up-to-date and accurate. Additionally, it is important to ensure that all employee data is accurate and up-to-date in order to ensure accurate wage calculations. 
  
  Related Information: 
  For more information on the Federal Wage System, please visit the U.S. Office of Personnel Management website at https://www.opm.gov/policy-data-oversight/pay-leave/pay-systems/federal-wage-system/.