Set up fixed items that are considered for the calculation of social security contributions.
You can now set up Social Security Contributions for the employees in your organization where a fixed percentage of their salary will get deducted every month to be paid to the general government, and will be paid back to them when they retire or in other applicable scenarios.
To set this on your company Bayzat account, follow the below-mentioned steps.
Step 1
Select the applicable fixed pay items which are to be a part of Social Security Contribution.
To do this, go to Settings, and click on the Payroll tab for Payroll settings.
Step 2
Scroll to the bottom and click on the dropdown next to the Social Security Contributions section and click on Add Contribution Type.
Step 3
Enter the name of the Social Security Program. The Basic Salary component will be selected by default. Apart from Basic Salary, you can choose which other components of the employee's salary need to be included in the Social Security Contribution.
Once finalized, click on Save.
Step 4
Once the Social Security Contribution policy has been configured at a company level, you can configure the percentage of the contribution for each employee while configuring their salary itself.
To do this, go to the employee's profile for whom you want to configure the salary, and click on Payroll > Salary Configuration > Add Salary Configuration.
Step 5
In this section, you can determine the percentage of Employee Contribution and Employer Contribution to be deducted from the employee's salary as Social Security Contribution based on your company policy.
Once finalized, click on Save.
All Social Security Contributions will be displayed in the Payroll Table in a separate column as a Deduction.
An employee can view their contributions in their My Pay section as well as their pay slips.