"LSP" stands for "Long Service Payment", but we use this for Severance Payment as well as they shared the same calculation.
This payroll variable returns Severance Payment/Long Service Payment amount as calculated according to Labour Ordinance.
Returns the amount of Severance Payment/Long Service Payment as calculated according to Labour Ordinance when meeting all of the following condition:
You can check the calculation details by going to Analytic -> Placement -> Severance Payment/Long Service Payment (SP/LSP) Calculation.
SP/LSP Calculation = Last Month Wages* x 2/3 x Reckonable Years of Service
*Can be used Average Monthly Wage from the previously 12 months. use whichever is higher
||the Amount of Severance Payment/Long Service Payment|