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

SAP Term: obligatory professional pension contributions

• Component: PY-KZ

• Component Name: Kazakhstan

• Description: Mandatory contributions to the pension fund that employers pay for their employees. These contributions are applied to employees who work under heavy, unhealthy, and dangerous conditions that are confirmed by a facility certification.

Smart SAP Assistant

• Key Concepts: 
  Obligatory professional pension contributions are a type of pension contribution that is mandatory for employers in Kazakhstan. This type of contribution is regulated by the Kazakhstan government and is used to fund the country’s pension system. 
  
  How to use it: 
  Employers in Kazakhstan must make obligatory professional pension contributions for their employees. The amount of the contribution is based on the employee’s salary and is calculated using a formula set by the government. The employer must then submit the contributions to the government-run pension fund. 
  
  Tips & Tricks: 
  Employers should keep track of their obligatory professional pension contributions to ensure they are up-to-date with their payments. It is also important to ensure that all employees are included in the contributions, as failure to do so could result in penalties from the government. 
  
  Related Information: 
  The SAP PY-KZ component provides employers with an automated way to calculate and submit obligatory professional pension contributions. It also allows employers to view their payment history and manage their contributions more efficiently.