Retirement Funding Income (RFI) Setup is used to define which income components are included when calculating an employee's retirement fund contribution. It helps ensure that the correct earnings are considered when determining retirement fundable income for payroll purposes.
The setup allows you to identify and configure the income types that should contribute towards an employee's retirement funding calculation. This is important because not all earnings or payroll components may form part of an employee's retirement funding income.
Key points:
Determines which income components are considered retirement fundable.
Supports accurate retirement fund contribution calculations.
Helps ensure payroll calculations are applied consistently.
Can be configured according to the organisation's retirement fund rules and payroll requirements.