What is 'premium type' in SAP SRD-HR-TM - Time Management?

premium type - Overview

• Component: SRD-HR-TM

• Component Name: Time Management

• Description: A category of premium pay. Examples include, overtime, early shift and, night shift.

premium type - Details

• 
  Key Concepts: 
  Premium type is a feature in SAP SRD-HR-TM Time Management that allows users to define different types of premiums, such as overtime, night shift, and holiday premiums. Premium types are used to calculate the amount of premium pay that an employee is entitled to receive for working outside of their normal working hours. 
  
  How to use it: 
  Premium types can be created and maintained in the SAP system by navigating to the “Time Management” tab in the SAP menu. From there, select “Premium Types” and then “Create”. Enter the details of the premium type, such as the name, description, and rate of pay. Once saved, the premium type will be available for use in calculating premium pay for employees. 
  
  Tips & Tricks: 
  When creating a new premium type, it is important to ensure that all relevant information is entered correctly. This includes the name, description, and rate of pay for the premium type. Additionally, it is important to ensure that any applicable rules or regulations are taken into account when setting up a premium type. 
  
  Related Information: 
  For more information on setting up and using premium types in SAP SRD-HR-TM Time Management, please refer to the official SAP documentation at https://help.sap.com/viewer/product/SRD_HR_TM/latest/en-US.