Benefit Salary Calculation Based On Days
(Doc ID 2563836.1)
Last updated on SEPTEMBER 18, 2020
Applies to:Oracle Fusion Benefits Cloud Service - Version 11.13.19.01.0 and later
Information in this document applies to any platform.
Benefit Calculation based on Days
I have the requirement of configuring a Benefit Program with the following rules based on Years of Service:
1 to 3 years of service -> employee will receive 7 days of salary
3 to 5 years of service -> employee will receive 14 days of salary
5 years of service or more -> employee will receive 21 days of salary
My client calculates the daily rate as follows:
MONTHLY SALARY/23.83=DAILY RATE
DAILY RATE*QUANTITY OF DAYS BASED ON YEARS OF SERVICE=AMOUNT TO BE PAYED TO EMPLOYEE FOR THE BENEFIT
Employee ABC has 9 years of service, meaning the rule that applies is 5 years of service or more -> employee is supposed to receive 21 days of salary. The expected result is 36130.93, instead the one that is more close the expected result is when using multiplier 4 which gives us a result of 37846.15.
Is there a way to achieve the calculation based on days for a Benefit Plan?
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