In Nigeria, employees are required to contribute at least 8% of their gross salary towards pension, but employees can voluntarily add extra. Whether your employees are Nigerian or not, let's walk you through how to record Employee Voluntary Pension on PaidHR (EVP).
Adding EVP to a New Paygrade:
From the menu, go to Payroll > Configurations > Paygrades
Click Create new paygrade
Fill in paygrade details, allowances, and tax reliefs (Need help? Click here)
Under Statutory Benefits, select Pension.
Enter the annual Employee Voluntary Contribution.
Click Next to review the paygrade breakdown.
Click Next again to save.
To Edit An Existing Paygrade With EVP
Go to Payroll > Configurations > Paygrades.
Use the search box to find the paygrade.
Click the three dots next to it and select Edit.
Navigate to Statutory Benefits.
Update the Employee Voluntary Contribution field with the EVP annual amount.
Click Next to review, then save.
Remember to update the employee's profile with the new paygrade for accurate payroll and pension remittance. Click here to Learn more on editing employees' compensation.