What is occupational retirement schemes ordinance plan in SAP PY-HK - Hong Kong, China?

SAP Term: occupational retirement schemes ordinance plan

• Component: PY-HK

• Component Name: Hong Kong, China

• Description: A company-dependent retirement scheme, either as a defined contribution or a defined benefit plan. It is common for ORSO schemes to have vesting scales. There might be more than one ORSO scheme within one single company.

Smart SAP Assistant

• Key Concepts: 
  Occupational Retirement Schemes Ordinance Plan (ORSOP) is a Hong Kong-specific pension plan that is regulated by the Occupational Retirement Schemes Ordinance (ORSO). It is designed to provide retirement benefits to employees of companies registered in Hong Kong. 
  
  How to use it: 
  In SAP, the ORSOP component (PY-HK) is used to manage the ORSOP plan. This includes setting up the plan, calculating contributions, and managing payments. It also allows employers to track employee contributions and manage their retirement benefits. 
  
  Tips & Tricks: 
  When setting up the ORSOP plan in SAP, it is important to ensure that all of the necessary information is entered correctly. This includes the employee’s name, date of birth, and other relevant details. Additionally, it is important to ensure that all contributions are calculated correctly and that payments are made on time. 
  
  Related Information: 
  For more information about ORSOP plans in Hong Kong, please refer to the Occupational Retirement Schemes Ordinance website. Additionally, for more information about how to use the ORSOP component in SAP, please refer to the SAP Help Portal.