What is obligatory pension contributions in SAP PY-KZ - Kazakhstan?

SAP Term: obligatory pension contributions

• Component: PY-KZ

• Component Name: Kazakhstan

• Description: Mandatory contributions to the national pension fund that are withheld from an employee's income.

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• Key Concepts: 
  Obligatory pension contributions are payments made by employers to the Kazakhstan Pension Fund. These payments are mandatory and must be made in accordance with the laws of Kazakhstan. The amount of the contribution is based on the employee's salary and is calculated as a percentage of the employee's gross salary. 
  
  How to use it: 
  In SAP, employers can set up obligatory pension contributions for their employees in the PY-KZ Kazakhstan component. This component allows employers to configure the percentage of the employee's salary that will be used to calculate the contribution amount. Employers can also set up a maximum contribution amount, which will be used if the calculated contribution amount exceeds this limit. 
  
  Tips & Tricks: 
  When setting up obligatory pension contributions in SAP, employers should ensure that they are compliant with all applicable laws and regulations in Kazakhstan. Employers should also ensure that they are making timely payments to the Kazakhstan Pension Fund. 
  
  Related Information: 
  For more information about obligatory pension contributions in Kazakhstan, please refer to the official website of the Kazakhstan Pension Fund (www.pensionfund.kz).