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.
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.