Each year on January 1st, Payflip automatically adds a new End-of-Year Premium (EYP) top-up :
for all employees who have an EYP budget assigned on this date
and if the company has enabled automatic calculation for this budget
How it works 💡
A new top-up is automatically created on January 1st based on:
The employee's current salary in the system
The employer NSSO percentage configured in the tool
During the relaunch period in January (before January 31st):
Admins can update the employee salary information (wages and/or employer NSSO percentage)
The EYP budget will automatically recalculate based on the new salary introduced
Important notes ⚠️
Employees receive no communication about the automatic top-up.
On employer' side, the HR admin can relaunch their plan anytime in January (before January 31st). The automatic top-up may be based on outdated salary data – this is expected and will be corrected once the HR admin update the salary.
No worries, they do not have to do it beforehand (in December f.e.) !
How to check if automatic calculation is enabled 🤔
Go to Users tab
Open any employee profile
Click on Budget
Click on EYP budget "see transactions"
Click on "top-up overview"
Look for:
🟢 Green message: "automatic calculation on"
🔴 Red message: "automatic calculation off"
Need help? Contact us via the chat button in Payflip 🔵