[LSP] (Severance Payment or Long Service Payment)

What is this:

"LSP" stands for "Long Service Payment", but we uses this for Severance Payment as well as they shared similar calculation. This payroll variable returns Severance Payment/Long Service Payment as calculated according to Labour Ordinance.

Value will be returned:

Returns Severance Payment/Long Service Payment as calculated according to Labour Ordinance.

Example:

Put [LSP] at payroll formula, and system will return SP/LSP when the following condition is met:

• Is Terminated within current pay period
• Reckonable Years of Service >= 2

Please note that this payroll variable did not consider the exact termination reason. For example, if your staff is terminated because of misconduct, please update his SP/LSP to 0 in payroll.

Reference:

https://www.labour.gov.hk/eng/public/wcp/ConciseGuide/11.pdf