What is employee welfare fund in SAP PY-TW - Taiwan, China?

SAP Term: employee welfare fund

• Component: PY-TW

• Component Name: Taiwan, China

• Description: A contribution by employees for employee welfare activities. There are three ways to contribute: Fixed amount Fixed rate Depending on the employee's position in company The employee welfare committee is formed in accordance with the law to be responsible for the custody and deployment of the welfare fund. Companies which have set up employee welfare fund prepare a statement of receipts and disbursement of the welfare fund at the end of each year. This statement is made public and submitted to the authority-in-charge for reference.

Smart SAP Assistant

• Key Concepts: 
  Employee welfare fund is a type of social security system in Taiwan, China. It is a mandatory contribution from employers to provide benefits to employees, such as medical insurance, housing funds, and other social welfare benefits. 
  
  How to use it: 
  Employers are required to make contributions to the employee welfare fund based on the wages of their employees. The amount of contribution is determined by the local government and is usually a percentage of the employee’s wages. The contributions are then used to provide benefits to employees, such as medical insurance, housing funds, and other social welfare benefits. 
  
  Tips & Tricks: 
  It is important for employers to keep track of their contributions to the employee welfare fund in order to ensure compliance with local regulations. Employers should also be aware of any changes in the regulations that may affect their contributions. 
  
  Related Information: 
  The employee welfare fund is managed by the Ministry of Labor in Taiwan, China. The Ministry of Labor provides information about the regulations and requirements for employers regarding contributions to the employee welfare fund. Additionally, employers can find information about the benefits provided by the employee welfare fund on the Ministry of Labor’s website.