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Administrator Guide
Last Updated: 2023-06-23
Create Benefit Credits

Create Benefit Credits

  • Create benefit annual credit types.
  • Create compensation elements.
    Complete this task if you’re using percent-of-salary type credits and want to define employees' salary by a compensation element.
  • Security:
    Set Up: Benefits
     in the Benefits functional area.
You can create credits that are based on:
  • A flat amount.
  • Employee work-related information.
  • Employee demographics.
  • Dependent-related information.
  • Enrollment information.
Benefit credits are based on Workday-delivered benefit credit types. These delivered credit types provide the criteria used to determine an employee's eligibility for the benefit credit and the applied amount.
  1. Access the
    Create Benefit Credit
     task.
  2. As you complete this task, consider:
    Option Description
    Currency
    If this currency value is different from the employee's currency, Workday converts the credit amount into the amount for the employee's currency.
    Frequency
    If the frequency for the benefit credit is different than the frequency on the benefit group, Workday converts the amount of the benefit credit according to the frequency.
    Multiply Benefits Annual Credit by
    For Benefits Annual Credit Based Credits only.
    Enter a number by which an employee's annual benefit credit is multiplied. The number can be less than 1. Example: If you want to divide the credit in half, then enter 0.5.
    Benefit Annual Credit Type
    For Benefits Annual Credit Based Credits only.
    Select the credit type required for an employee to receive this benefit credit.
    Calculate As Of
    For Benefits Length of Service Based Credits or Salary Source Based Credits:
    • Coverage Begin or Plan Year Begin
      : If the employee has coverage as of the start of the plan year, Workday uses this date. Otherwise, Workday uses the date the employee originally enrolled in the plan.
    • Coverage Begin or Specific Date:
      Workday compares the original enrollment date with the date entered in the
      Specific Month
       and
      Specific Day
       fields. Using the most recent date to retrieve the value, it assumes that the year is the current benefit plan year. If you want to use the prior plan year values, select the
      Of Prior Plan Year
       check box.
    From/To (name of benefit credit type)
    For credits that are based on information such as length of service or age.
    Build a table that associates the credit amount with a specific range.
    Avoid having a gap in the ranges defined by the rows in the table. Otherwise, Workday doesn't apply the credit amount if a value falls in the gap.
    Don’t use a
    From/To
     value in more than 1 row because it causes an overlap in the ranges. When there’s an overlap, Workday applies a credit for all rows that match the value, rather than just the row you intended.
    Amount
    For credits based on currency amounts, enter a positive amount only.
Use the:
  • Edit Benefit Credit
     task to make changes.
  • Delete Benefit Credit
     task to delete credits assigned to a benefit group, benefit plan, or credit bundle.
  • View Benefit Credit
     report to see detailed information.
  • Test Benefit Credit
     report to see if a credit provides the desired results.
    You can test credits based on employee demographic- or job-related information, or on dependent information. You can't test credits based on information from an enrollment event.
  • Edit Benefit Group
     task to assign benefit credits to a benefit group.
  • View Benefit Credit Change History
     report to see the changes for a credit.