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Student Loan - Special Deduction Rate
- Silas Stratford
Analytics
Employees can apply for Student Loan suspension for a certain period which IRD will approve and issue the letter to notify their Employers. The rate will need to be updated within DataPay to ensure it pulls through their Pay Packets.
Included In This Article
Instructions
Select the desired employee’s details page and navigate to Components Setup screen > Tax Details component.
In the Special SL Rate area > enter the rate provided in the IRD letter with the effective date.
In the Special SL Rate to be used area > change from No to Yes with the same effective date.
Once the above has been updated, save the new details. The warning below will appear > click OK.
Ensure you are within the Components Setup screen of the target employee, and not within Pay Group or Company scope screens - which would be a high impact change.
Navigate to the Pay Run tab > select the current open Pay Run > select on the desired Employee’s Pay Packet and it should pull through the changes.
Related Articles
Student Loan - SLCIR and SLBOR
IRD Special Student Loan Rate (External Link)
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