Overview
An accurate configuration of the statutory holidays is key for forecasting salary costs correctly. This function allows the ability to specify whether employees will be paid or not on a particular Statutory Holiday. Statutory holidays and associated Cost Items are used by payroll calculation and financial planning and forecasting. Depending on the conditions of employment, holidays may or may not be remunerated.
The set-up of the holidays is usually done when setting up a new fiscal year.
Note: The difference between an employee’s forecast with paid or non-paid holidays can represent on average 11 days of salary. When multiplied by the number of employees in the organization, the impact on the total salary forecast can be significant. The appropriate configuration of holidays is therefore crucial.
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Human Capital ► Budgeting and Forecasting ► Support Entities ► Statutory Holiday Catalogue
Statutory Holiday Catalogue screen Fields
Fields | Description |
Application Id | Unique identification code manually entered by user. The id can either be numeric or alphanumeric. |
Holiday Name | Short description of Statutory Holiday Catalogue. |
Note: A statutory holiday cannot be deleted from the catalogue if it is referenced in a shift Schedule Definition, but the holiday dates can be removed, modified or added as long as they are in the active fiscal year.
Overview
Holiday Date tab is used to select the date from the calender for the selected holiday.
Holiday Date Tab screen Fields
Fields | Description |
Holiday Date | Select the date from the calendar for Holiday Date. |
Note: If a holiday is on a weekend and it is not part of a regular working week, it must be deferred to the first regular working day immediately following the holiday. Otherwise, the forecasts will be overestimated by one day for each employee with a Shift Schedule paid-holidays. At the same time, the employees with a Shift Schedule non-paid holiday will be underestimated by one day also.