Our HR and Payroll Solution
Pension Scheme Module
Magic Support Nigeria Ltd. has templates for the handling of the Pension schemes. These templates are however generic and need to be modified to suit the specific requirements of the client.
The employee has to use the options provided in the system that include the following for the receipt of pension funds
- Regular monthly pension as per the rules applicable for the client’s schemes.
- One time encashment
- Combination depending on the options provided in the schemes.
The module provides for the calculations of all eligible amounts and the exercise the options picked up by the employee.
General Pensioners Administration:
The system maintains a separate database of Pensioners with a link to the employee databse modules. This ensures that the data from the files can be shared from the old historical records if required and avoids duplications of the entries. The normal routine data for the monthly use is carried out in this file and has status codes for the use. The payroll for the pensioners is run independently and makes use of some of the other modules from the Payroll modules to maintain compatibility of the data files for various types of analysis. This means that the Administrative routines wherever applicable form the HRD modules can be used by the Pension system. Accounting sub-system with nominal ledger system generating trial balance, balance sheet is also applicable in the system. The module can be integrated to world-class accounting packages like SAP Financials, JD Oneworld, Fin Wise etc... to provide the necessary outputs such as Balance Sheet. Profit and Loss Accounts. Trail Balances and other reports for the normal use.