What is 'special pension contribution' in SAP PY-CN - China?

special pension contribution - Overview

• Component: PY-CN

• Component Name: China

• Description: A payment made in addition to the basic contribution by the employer or the employee in a pension plan account.

special pension contribution - Details

• 
  Key Concepts: 
  Special pension contribution is a type of pension contribution in China that is paid by employers to the Chinese government. It is used to fund the country's social security system and is mandatory for all employers. The amount of the contribution is based on the employee's salary and is calculated as a percentage of the employee's total wages. 
  
  How to use it: 
  In SAP, special pension contributions are managed through the PY-CN China component. This component allows employers to calculate and pay the required contributions to the Chinese government. It also provides reports and other information related to the contributions. 
  
  Tips & Tricks: 
  When calculating special pension contributions, it is important to ensure that all relevant information is included in the calculation. This includes any bonuses or other payments that may be made to employees. Additionally, employers should ensure that they are up-to-date with any changes in the regulations regarding special pension contributions in China. 
  
  Related Information: 
  For more information about special pension contributions in China, please refer to the official website of the Chinese Ministry of Human Resources and Social Security (http://www.mohrss.gov.cn/). Additionally, SAP provides a comprehensive guide on how to use its PY-CN China component (https://help.sap.com/viewer/product/SAP_ERP_HCM/6.0_SP04/en-US).