What is 'employment stabilizing fee' in SAP PY-TW - Taiwan, China?

employment stabilizing fee - Overview

• Component: PY-TW

• Component Name: Taiwan, China

• Description: A contribution required for hiring foreigners as domestic helpers and workers for designated significant national construction projects, paid by the employer to the Special Fund bank account established by the central authorities and used for promotion of employment of local residents after the foreign worker arrives.

employment stabilizing fee - Details

• 
  Key Concepts: 
  Employment stabilizing fee is a payroll tax in Taiwan, China that employers are required to pay to the government. It is used to help stabilize the employment market and provide financial assistance to those who have lost their jobs. The amount of the fee is based on the number of employees and the total wages paid by the employer. 
  
  How to use it: 
  In SAP, employers must enter the employment stabilizing fee in the payroll system. This will calculate the amount of the fee that must be paid. The employer must then submit the payment to the government. 
  
  Tips & Tricks: 
  It is important to ensure that all payments are made on time, as late payments may result in penalties or fines. Additionally, employers should keep accurate records of all payments made for employment stabilizing fees. 
  
  Related Information: 
  Employment stabilizing fees are only applicable in Taiwan, China and are not applicable in other countries. Employers should consult with their local government for more information about this tax and any other applicable taxes or fees.