What is 'compulsory insurance' in SAP PY - Payroll?

compulsory insurance - Overview

• Component: PY

• Component Name: Payroll

• Description: Insurance policies which people are obliged to take out by law. Compulsory insurance often takes the form of national social insurance programs.

compulsory insurance - Details

• 
  Key Concepts: 
  Compulsory insurance is a type of insurance that is required by law in certain countries. In the context of SAP Payroll, it refers to the insurance that employers are required to provide for their employees. This includes social security, health insurance, and other types of insurance. 
  
  How to use it: 
  In SAP Payroll, employers must set up compulsory insurance for their employees. This can be done by entering the relevant information into the system, such as the type of insurance, the amount of coverage, and any other details that are required. Once this is done, the system will automatically calculate the premiums and deduct them from the employee’s salary. 
  
  Tips & Tricks: 
  It is important to ensure that all compulsory insurance is up-to-date and accurate. This can be done by regularly reviewing the information in SAP Payroll and making any necessary changes. Additionally, employers should ensure that they are aware of any changes in legislation that may affect their compulsory insurance requirements. 
  
  Related Information: 
  For more information on compulsory insurance in SAP Payroll, please refer to the official SAP documentation. Additionally, there are a number of online resources available that provide further information on this topic.