Creating benefit plans for NPS

Prerequisites:
  • Benefit groups have been created for eligibility, benefit entry and termination rules, and contribution
  • Frequency table has been created
  • Deduction code has been created
  1. Select Benefits > Plans > Benefit Plans.
  2. Click Create.
  3. Specify this information:
    Type
    Select Defined Contribution.
    Benefit Plan
    Specify the name of the benefit plan and a description.
    Start and End dates
    Specify the start and end dates of the plan.
    Coverage Type
    Select No Coverage.
    Contribution Type
    Select .
  4. On the Eligible tab, select the check box for Covered, and then select the appropriate Benefit Group.
  5. On the Exports tab, select the check box for Resource Benefits Export.
    Note: This enables the system to create a corresponding employee deduction export record to be used for interfacing to HRM.
  6. Click Save. This enables the other tabs.
  7. On the Deduction tab, select Frequency Table.
  8. In the Amount: Pre Tax field, select the Deduction Code for NPS.
  9. On the Entry Rules Tab, select Actions > Create.
  10. On the Benefit Entry Rules screen, specify this information:
    Coverage Class
    Select Employees.
    Entry Rule Type
    Select Waiting Periods.
  11. On the Initial Enrollment tab, in the Date Type field, select Start Date.
  12. Click Save.
  13. On the Contributions tab, click Create.
  14. Specify this information:
    Coverage Class
    Specify Employees.
    Contribution Tax Type
    Select Pre Tax.
    Calculation Type
    Select Percent of Salary.
    Contribution: Pre Tax
    Specify the percentage of contribution.
    Salary: Addition Type
    Select the Other Amount field to which the NPS contribution is mapped.
    Salary: Date Type
    Select Current.
  15. Click Save.