What is supplementary pension in SAP PY-FR - France?

SAP Term: supplementary pension

• Component: PY-FR

• Component Name: France

• Description: Pensions set up by employees outside of their work contract and mandatory contributions. Supplementary pensions can be set up as life insurance or through private pension funds.

Smart SAP Assistant

• Key Concepts: 
  Supplementary pension is a type of retirement plan offered by SAP in France. It is designed to supplement the employee's existing pension plan and provide additional income during retirement. It is funded by contributions from both the employer and the employee, and can be used to supplement other retirement benefits such as Social Security or a 401(k).
  
  How to use it: 
  In order to use the supplementary pension plan, employers must first register with SAP in France. Once registered, employers can then set up a supplementary pension plan for their employees. Employees can then make contributions to the plan, which will be matched by the employer. The contributions are invested in a variety of investments, such as stocks, bonds, and mutual funds. The returns on these investments will be used to provide additional income during retirement.
  
  Tips & Tricks: 
  When setting up a supplementary pension plan, it is important to consider the tax implications of the plan. Contributions to the plan are tax-deductible for both the employer and employee, but any withdrawals from the plan are subject to taxation. Additionally, it is important to consider how long the employee will be contributing to the plan before they retire, as this will affect how much money they will have available for retirement.
  
  Related Information: 
  For more information about supplementary pension plans in France, please visit SAP's website or contact your local SAP representative. Additionally, you can find more information about other types of retirement plans offered by SAP in France on their website.