What is AOW age in SAP PY-NL - The Netherlands?

SAP Term: AOW age

• Component: PY-NL

• Component Name: The Netherlands

• Description: The AOW age "AOW leeftijd" defines the age in which a person is entitled to receive public pension.

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• Key Concepts: 
  AOW age is a term used in the Netherlands payroll component of SAP. It stands for Algemene Ouderdomswet, which translates to General Old Age Benefits Act. This is the legal age at which an employee in the Netherlands is eligible to receive a pension from the government. 
  
  How to use it: 
  In SAP, AOW age is used to determine when an employee is eligible for a pension. This information is stored in the employee’s master data and can be accessed through the PY-NL The Netherlands payroll component. 
  
  Tips & Tricks: 
  When entering AOW age into an employee’s master data, make sure to enter the correct date of birth. This will ensure that the employee’s pension eligibility is calculated correctly. 
  
  Related Information: 
  The AOW age in the Netherlands is currently 65 years old. However, this age may change in the future depending on government regulations. It is important to stay up-to-date on any changes to ensure that employees are receiving their pensions at the correct time.