What is 'deferred wage fund' in SAP PY-TW - Taiwan, China?

deferred wage fund - Overview

• Component: PY-TW

• Component Name: Taiwan, China

• Description: A reserve in the social welfare system to which employers contribute a defined amount for their employees to the government and, should the employer cease operation, to which employees can apply to receive this money.

deferred wage fund - Details

• 
  Key Concepts: 
  Deferred wage fund is a feature of the PY-TW Taiwan, China payroll component of SAP. It allows employers to set aside a portion of an employee’s wages for future use. This fund can be used to pay for employee benefits such as medical insurance, retirement plans, and other benefits. The employer can also use the fund to pay for employee training or other expenses related to the employee’s job. 
  How to Use It: 
  In order to use the deferred wage fund, employers must first set up a separate account in SAP. This account will be used to store the funds that are set aside from an employee’s wages. Employers can then transfer funds from this account to pay for employee benefits or other expenses related to the employee’s job. 
  
  Tips & Tricks: 
  It is important to keep track of the funds that are set aside in the deferred wage fund account. Employers should also ensure that they are using the funds appropriately and not using them for any other purpose than what they were intended for. 
  
  Related Information: 
  The deferred wage fund feature is only available in the PY-TW Taiwan, China payroll component of SAP. Employers should consult with their SAP consultant or support team if they have any questions about how to use this feature.