In WorkPay, Savings are treated as deductions that are made from employees earnings for a period of time. In this case an employee can request for withdrawals on the savings made that far.
To view savings
- On the menu, click “Payroll” then select “Payroll Extras” then click on “Savings
To create a saving
For you to create a saving, a deduction category for saving has to be set under settings then Payroll settings. Once that is done:
- On the menu, click “Payroll” then select “Payroll Extras” then click on “Savings”
- Click “New Saving”
- Select Employee or “All” if all employees are contributing towards that saving plan
- Select saving Category
- Under type, select “Saving”
- Enter start date and end date
- Enter value
- Enter value type which is either amount or percentage of their basic salary
- Click Save