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Administrator Guide
Last Updated: 2023-06-23
Create Future Payment Plans

Create Future Payment Plans

  • Create bonus plans.
  • Security:
    Set Up: Base and Plan
     domain in the Core Compensation functional area.
Create a future payment plan with a target that pays out to employees over several bonuses or one-time payments. To calculate the outstanding balance, add a final true-up process at the end.
  1. Access the
    Create Future Payment Plan
     task.
  2. In the
    Future Payment Defaults
     section, consider:
    Option Description
    Allow Target Override
    Select this check box to enable the entry of a target or percent for an individual employee assigned to the plan.
    To override the values for the plan and its profiles, enter an
    Individual Target
     when requesting a compensation change or assigning compensation.
    Example: Select this option to double the target for top performing individuals.
    Compensation Element
    Select a default compensation element.
    Compensation elements store the earnings associated with compensation. If you select a compensation element designated as base pay, Workday includes the compensation for the plan in the base pay calculation.
    Reference Frequency
    Workday uses the
    Reference Currency
     and
    Reference Frequency
     settings to calculate an estimated budget in a common currency and frequency. This is useful if you are in a global team environment.