Severance Payment is compensation provided by the Employer on circumstances such as layoffs due to downsizing or mutual agreements to employment termination.
Severances are paid to an employee as part of the Benefits package they receive. Severance pay generally may be distributed during every pay period or in one lump sum.
Report Description: DataTerrain’s Prebuilt report displays gross YTD Severance Payments being done to the employees in a date range that we run the report for.
This report can be run for the below parameters
• Effective Date(or End Date)
• Start Date
This Prebuilt report is available as an HCM Extract and hence it can be run from the Checklist. Effective Date is a mandatory parameter and the report fetches the Severance Payments paid as per the date passed in it.
Output: The output data will have Employee number, Payroll Name, Payroll Period(Month and Year), Severance Element name paid and the corresponding Gross YTD amounts for those elements. The output format of this report is Excel and it can also be rendered as PDF/CSV.
Schedule: HR/Payroll Team can also schedule the report to get it delivered weekly/bi-weekly and use it for a regular audit on severance payments being paid to the employees.
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