What is Family Allowance Compensation Fund in SAP PY-CL - Chile?

SAP Term: Family Allowance Compensation Fund

• Component: PY-CL

• Component Name: Chile

• Description: A nonprofit, private organization which is part of the social insurance system in . This institution is reponsible for family allowance and is known in Spanish as 'Caja de Compensación de Asignación Familiar CCAF'.

Smart SAP Assistant

• Key Concepts: 
  The Family Allowance Compensation Fund (FACF) is a component of the SAP Payroll system for Chile (PY-CL). It is a government-mandated fund that provides financial assistance to families with children. The FACF is funded by contributions from employers and employees, and the amount of the contribution is based on the employee's salary. 
  
  How to use it: 
  In order to use the FACF, employers must first register with the Chilean government. Once registered, employers must then configure the FACF in their SAP Payroll system. This includes setting up the FACF contribution rate, which is based on the employee's salary. The employer must also set up a payment schedule for contributions to the FACF. 
  
  Tips & Tricks: 
  When configuring the FACF in SAP Payroll, it is important to ensure that all of the necessary information is entered correctly. This includes setting up the correct contribution rate and payment schedule. Additionally, employers should ensure that all contributions are made on time in order to avoid any penalties or fines from the Chilean government. 
  
  Related Information: 
  For more information about the Family Allowance Compensation Fund, please visit the Chilean government website at www.gobiernodechile.cl/fondo-de-compensacion-de-asignacion-familiar/. Additionally, more information about configuring the FACF in SAP Payroll can be found in SAP Help documentation at help.sap.com/py_cl/index.html.