term sacrifice salary help what is
Meaning of salary sacrifice. What is it: Benefits Administration, where an employee agrees to give.

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Definition salary sacrifice

SALARY SACRIFICE title: salary sacrifice (PA-BN-FB) (SAP Library - Glossary)
SALARY SACRIFICE category: Flexible Benefits (PA-BN-FB)
SALARY SACRIFICE explained:

An agreement between an employer and an employee within Benefits Administration, where an employee agrees to give up a certain portion of salary in return for a benefit in kind.

In general, salary sacrifice in benefits administration refers to a benefit where an employee is able to give up certain part of his salary in return for a non-cash benefit provided by the employer through this benefit plan.

The most common form of salary sacrifice plans are pension plans, in which employees opt to sacrifice a portion of salary. In return, the employer agrees to pay an equivalent percentage or fixed amount into the employees' pension plans on their behalf.

Within Flexible Benefits for Great Britain (GB FlexBens), salary sacrifice is relevant only for pension plans, where is applied to existing pension plan options.

Example

When a pension benefits plan option is assigned as a salary sacrifice option, an employee enrolling in this pension plan option chooses to sacrifice a portion of salary. In return, the employer pays an equivalent percentage or fixed amount into the employee's pension plan on his behalf.

More terms such as salary sacrifice in Dictionary S.

Manual Status Concept:
Help Data Archiving for controlling the archiving process. It is based on the use of the three statuses Archivable , Archived and Deleted . These are set at the end of an archiving phase for all the salary sacrifice definition.
Manual Superior Class:
Help A class from which a subordinate class is derived through inheritance salary sacrifice explain.
Manual Specification Category:
Help of specifications based on their use and significance in companies. In the SAP component Environment, Health and Safety, the following specification categories are used: Substances Agents Packaging salary sacrifice what is.
Manual Single Processing:
Help Standard R/3 function. You use this function to process a single object of a previously selected object class salary sacrifice meaning.
Manual Stock Option Accounting:
Help Application in General Ledger Accounting that calculates and posts provisions for employee award schemes. The provisions are calculated and posted using the Accrual Engine salary sacrifice abbreviation.
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