What is supplementary insurance in SAP PY-CN - China?

SAP Term: supplementary insurance

• Component: PY-CN

• Component Name: China

• Description: A type of insurance or benefit that supplements the state-defined types of social insurance and the public housing fund. It can refer to social insurance or housing funds defined by local regulations or types of commercial insurance and housing funds offered by a company.

Smart SAP Assistant

• Key Concepts: 
  Supplementary insurance is a type of insurance offered by SAP in China that provides additional coverage for employees. It is designed to supplement the existing social insurance and housing fund contributions that employers are required to make. It covers a range of benefits, including medical, disability, and death benefits.
  
  How to use it: 
  Employers in China can purchase supplementary insurance from SAP to provide additional coverage for their employees. The employer will need to provide information about the employee, such as their name, age, and salary, in order to purchase the policy. Once the policy is purchased, the employer will be responsible for making the necessary contributions to the policy on behalf of their employees.
  
  Tips & Tricks: 
  It is important to understand the different types of coverage offered by supplementary insurance policies in order to determine which one is best suited for your employees. Additionally, it is important to ensure that you are making the necessary contributions on time in order to keep your policy active and in good standing.
  
  Related Information: 
  For more information about supplementary insurance in China, please visit SAP’s website or contact your local SAP representative. Additionally, you can find more information about social insurance and housing fund contributions on the Chinese government’s website.