What is vested benefits account in SAP PY-CN - China?

SAP Term: vested benefits account

• Component: PY-CN

• Component Name: China

• Description: An account that is opened when an employee’s contract is terminated, but the vested benefits in the pension plan cannot be transferred, or can be only partly transferred, to another pension plan account.

Smart SAP Assistant

• Key Concepts: 
  A vested benefits account is a type of account used in the People's Republic of China to manage employee benefits. It is a type of social insurance account that is managed by the government and used to store funds for employee benefits such as pensions, medical insurance, and unemployment insurance. 
  
  How to use it: 
  In SAP, the vested benefits account is used to manage employee benefits in the People's Republic of China. It is used to store funds for employee benefits such as pensions, medical insurance, and unemployment insurance. The funds are managed by the government and can be accessed by employees when needed. 
  
  Tips & Tricks: 
  When setting up a vested benefits account in SAP, it is important to ensure that all relevant information is entered correctly. This includes the employee's name, address, and other personal information. Additionally, it is important to ensure that all contributions are made on time and that all relevant documents are submitted in a timely manner. 
  
  Related Information: 
  For more information about setting up a vested benefits account in SAP, please refer to the official SAP documentation for PY-CN China. Additionally, there are many online resources available that provide detailed instructions on how to set up and manage a vested benefits account in SAP.