IE PAY : Personal Retirement Savings Account (PRSA) seeded pension : Incorrect results for Weekly payroll
Last updated on FEBRUARY 06, 2018
Applies to:Oracle HRMS (Ireland) - Version 12.1.3 and later
Information in this document applies to any platform.
Set up a Personal Retirement Savings Account (PRSA) pension as per the instructions in Oracle® HRMS for Ireland Supplement, Release 12.1.
For a WEEKLY payroll the calculations are not as expected.
Investigations showed that the system generated fast formula <base name>_PENSION_DEDUCTION will not work for a weekly payroll.
The following line is generating a incorrect value:
Eg: l_pensionable_pay = 32,000 + 1,000 * ((12*1)-33) = 32,000 + 1,000 * -21 = 11,000
It can be seen that it is using 12*IE_PAY_PERIODS_PER_PERIOD
Weekly payroll are not x 12.
As a workaround I have substituted the above line with:
Eg: l_pensionable_pay = 32,000 + 1,000 * ((52*1)-33) = 51,000
A rerun off the Quickpay using the revised formula produces the correct result.
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