Full Project – Computerized pension management system

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CHAPTER ONE

• INTRODUCTION

“Pension System” is the income received for a lifetime from an approved Pension arrangement, and also from a non approved pension arrangement by a person who has retired. Such payment should be made at least annually. In addition to the number of the approved Pension arrangement, another person maybe entitled to Pension benefits provided under the pension plan upon the death of the member. Retirement is one of the most important stages that we may experience in our lives. Reaching your retirement goal requires smart planning and a disciplined approach to making investments. So how important should a pension be? While other retirement options can be a good fit. Particularly if a planned sufficiently, having money, professionally managed instable, structured pension can make a significant difference in a long-term, According to Davis (2005), A retirement should be something to look forward to. It should not be a managing doubt that someone avoids thinking about. While retirement options are ever evolving, having a clue about how pension works, definitely retirement move worry-free. According to Dave, (1988), the payroll of a pensioner used to be calculated manually without the help from a Computer. Accountants invested a lot of time and energy into keeping tracks of all employees’ data files and information calculating pensioner’s monthly salaries, hourly remunerations, bonuses, deduction and so on. All these are done by keeping numerous files filled with track records for each and every person employed.

Nowadays, however, things are more simpler than they used to be, because technology is always dedicated to making things easier and better, quite a variety of Computerized Pension System is available to save us from this tedious task. Now instead of keeping dozens of files and spending endless hours calculating all employees pension all you have to do is to get a payroll software and let it do all the nasty work.

A manual Pension System means doing everything by hand while a computerized one will enable its users to store unlimited data, keeping track of everything, whole with manual it does not have to keep track of all employees by hand. It can even separate regular work hours from overtime and calculate the different remuneration according to set parameters. The Computerized Pension Software will provide accurate calculation regardless of the amount of data stored. The Computerized Pension Software spends time and money and they are very easy to use and they are also very practical. The program also allows the monthly payroll of a pensioner schedule to be calculated accurately. The amount of salaries credited to employees or a pensioner’s account is a variant of their allowances. This pension payroll processing application also considers employees income tax regulation and loan payment details. Based on these considerations the salary of each employee is deducted at the source.

Moreover, instead of using a manual pension System which you have to do everything by hand. A Computerized Pension Software will enable you calculate automatically all pay frequencies, employee statutory deduction, bonuses and monthly Pension allowances.

In conclusion, Computerized Pension System can be done or calculated with the guide of a program which is the application software and the Operating software. The system is good in for its specialty in the field of accounting. It also calculates a payroll of a pensioner easily, efficiently, effectively and accurately.

• BACKGROUND OF THE STUDY

Prompt payment of Pensioners salaries by Management of an organization boost the morale of employee and enhances productivity. Manual preparations of Pensioners salary are often associated with lots of problems, which often times disrupt workers. The problem ranges from Banks, Arithmetic errors in Computation, delay in payment, underpayment or overpayment and so on.

The most common method of keeping the financial records of a company or organization was manual. The billing machine which was designed to typewrite names, address, and descriptions, to multiply, to compute discount and to add net pay, posting the requisition data to the proper accounts and so to prepare a customer bill automatically once the operator has entered necessary information used. Early accounting machines were marveled at mechanical complexity often combining a typewriter and various kinds of calculator elements. The refinements are speed and accuracy made possible by advances in electronics and operating complexity of these machines. Many of the newer generations of accounting machines are operated by a computer to which they are permanently connected. A Computerized Pension System will not only resolve difficult problems but also, it will provide fast process and accurate calculation of the salary of a pensioner.

In manual Pension System there are so many possible errors that may be encountered but if the Pension System is Computerized, Pension System cheques will not need calculator to compute the salary of any other thing about a pensioner. According to Nicholas and peter (1998) Pension is a contract for a fixed sum to be paid to a person who has retired.

A Computerized Pension System saves time, makes work easier, produce faster result and it also lessons errors. Computerizing an organization general ledger, pension and other accounting task increases office efficiency with the advert of Computerization in accounting electronics were used to compute a payroll of pensioner and perform other accounting routine in an organization.

• STATEMENT OF THE PROBLEM

The problems of current system are all those things associated with manual working system. It is time consuming to produce reports as compared to any computerized systems. Humans are probe to errors, there is always possibility of errors in producing results. It can also be overpayment, underpayment of pensioner salary; delay in payment of pensioner salary because of too much time is spent in preparation of the payroll of a pensioner.

As all the work done is written on registers, it any register is missed or damaged at is simply very difficult to produce or present accurate figure of a pensioner. An employee can make fraud by writing wrong entries or simply impossible to catch the defaulters because there is no proof.

1.4  OBJECTIVES OF THE STUDY

The objectives of this project is to primarily computerized the existing system which the manual ways to assist and ease the work of any types of organization, in particular, pension management  system is being developed. Payroll of a pension management system would take care of the day to day attendance of all employees. The regular backup data can be taken and the backup data be restored effectively so the pension management system assists the employees of an organization in each an every aspect of in and out. The pension management system is developed according to the needs any types of organization.

• To design and implement a pension system that should accept employee hours worked computer net pa and record all the pensioners data for sub-sequent
• The system should prepared pension cheques and a payroll ledger for and a payroll ledger for a pension and maintain on a sequential vote.
• Non-statutory deductions such as union development pension plans to be made
• The payroll of a pension data is employee number employee name. Pay rate and union member’s flag.
• The total should contain earning, federal tax pension plan and union dates.

To accomplish these tasks, we have to fun out exactly what the program is meant to do.

Here are sub stories:

1. The program accepts pensioners hour worked
2. The program computes net pay

• The program record all the pension data for subsequently processing

1. The program should prepare a pension cheque
2. The program should prepare a pension ledger
3. The program should maintain data in a subsequent pension file.

1.5  SIGNIFICANCE OF THE STUDY

The importance of this study of a computerized pension system is to make work easier faster for an accountant or a clerk to keep track of every employees or pensions data, files, information computerized pension system saves time and money, at also allows the monthly pension schedule to be calculated accurately and effectively and it because pension system, In order words, computerized pension management system is important and recommended so that errors in the payroll of a pensioner will be reduced and also the long cues of pensioners in the band will be reduced it maintains and generates the pension pay slip accurately.

1.6  SCOPE OF THE STUDY

This develops a computerized pension system that would keep a record of employees or pensioner data including their pension plan, allowances, gratuity, taxes and net pay, rent pay and so on and also calculates the pay off the pensioners taking into consideration employees on pensioner’s data.

1.7  LIMITATION OF THE STUDY

The big problem associated with in sourcing pension is that forces organizations to take on the burdens associated with hardware upgrades as well as the personnel cost linked to system maintenance.

Computerized pension management system can best be used to control errors and frauds the pension system.  A Computerized Pension System control task of process and accurate calculation of the salaries.

1.8  DEFINITIONS OF TERMS

Computerized Pension System: It is a use of friendly services that will same the time to calculate various pensioner benefits and process the monthly pensions payment and update cash book taste and accurately.

Pension system: It is the income received for a lifetime by a person who has retrieved.

PENSION PLAN: It is a method in which an employee transfer part of his or her current income stream towards retirement income.

PENSION: This according to Oxford Advanced Learner Dictionary defined pensions as the amount of money paid regularly by a government or organization to somebody that is considered to be too old.

Employee Data: This is the employee’s information in the organization it consists of the employee identification number employee name pay rate, pension plan, and union number flag.

HOURS WORKED: This is the number of times that employees work in a month. The hours worked is used to calculate the pay that an employee will receive for the month.

NET PAY: It is the remaining amount of an employee’s gross pay after deductions such as taxes and retirement contributions are made.

DEDUCTION: Oxford Learners Dictionary defined “Deduction” as the process of taking an amount of money away from a total, the amount that is taken away is deducted from a pay for Tax, Pension Contributions, and Tax Deduction.

TAXES: The taxes consist of state dues and federal dues. A percentage of an employee’s salary goes to state and country.  

PAYSLIP: Oxford Advanced Dictionary defined payslip as a piece of paper pay cheque given to an employee that shows how much money they have been paid and how much has been taken away for tax.

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Full Project – Computerized pension management system