What is 'old age-pension act' in SAP PY-NL - The Netherlands?

old age-pension act - Overview

• Component: PY-NL

• Component Name: The Netherlands

• Description: A law that regulates the payments and entitlements of pensioners. In the Netherlands, the law is known as 'algemene ouderdomswet'.

old age-pension act - Details

• 
  Key Concepts: 
  The Old Age Pension Act (AOW) is a Dutch law that provides a basic pension to all citizens of the Netherlands who have reached the age of 65. It is administered by the Social Insurance Bank (SVB) and is funded by contributions from employers and employees. The PY-NL The Netherlands component of SAP enables employers to manage their contributions to the AOW. 
  
  How to use it: 
  The PY-NL The Netherlands component of SAP allows employers to manage their contributions to the AOW. Employers can enter employee data, such as salary and age, into the system and calculate the amount of contributions they need to make. They can also view reports on their contributions and view information about their employees’ pension entitlements. 
  
  Tips & Tricks: 
  When entering employee data into the system, make sure that all information is accurate and up-to-date. This will ensure that your contributions are calculated correctly and that your employees receive the correct pension entitlements. 
  
  Related Information: 
  For more information about the Old Age Pension Act, visit the website of the Social Insurance Bank (SVB). You can also find more information about SAP’s PY-NL The Netherlands component on SAP’s website.