What is company pension scheme in SAP PY-DE - Germany?

SAP Term: company pension scheme

• Component: PY-DE

• Component Name: Germany

• Description: All measures taken by an employer that are over and above the compulsory contribution levels for statutory pension insurance. These measures provide additional support towards safeguarding the future of the employee and surviving dependents if the employee should leave the company as a result of permanent incapacity to work, reaching a specific age, or death. There are five forms of company pension scheme to consider: Company guaranteed pension payment Relief fund Pension fund Company insurance Increased insurance or voluntary continued insurance

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• Key Concepts: 
  A company pension scheme is a type of retirement plan offered by employers to their employees. It is a form of deferred compensation, meaning that the employee contributes a portion of their salary to the plan and receives benefits at a later date. In the case of SAP PY-DE Germany, the company pension scheme is a statutory pension scheme that is regulated by German law. 
  
  How to use it: 
  In SAP PY-DE Germany, the company pension scheme is set up in the system as a separate component. This component can be used to calculate and manage contributions and benefits for employees enrolled in the plan. The system also allows employers to track and report on their contributions and benefits. 
  
  Tips & Tricks: 
  When setting up the company pension scheme in SAP PY-DE Germany, it is important to ensure that all relevant information is entered correctly. This includes the employee’s salary, contribution rate, and other details. It is also important to ensure that all contributions are made on time in order to avoid any penalties or fines. 
  
  Related Information: 
  For more information about setting up and managing a company pension scheme in SAP PY-DE Germany, please refer to the official documentation provided by SAP. Additionally, there are many online resources available that provide detailed information about setting up and managing a company pension scheme in SAP PY-DE Germany.