LSP Genie Free v0.8b

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This is the year of the last day of the fiscal year end. For example, if the fiscal year is 1 April 2023 to 31 March 2024, input 2024.

This is the discount rate used for discounted cash flows used in the company.

This is the minimum number of expected years of service that LSP accrual is provisioned for a staffer. LSP is a benefit for staffers providing services to the company for 5 or more years. Depending on company accounting policies, you may set this number to 2 to provide for severance payment. Staffers with expected years of service less than the provided number will not be provisioned for LSP.

Staffer ID is an identifier, such as staff number, that a company uses internally to distinguish a staffer from another. It is used to help the user match a set of computations with the staffer concerned. The field is optional. Staff name is also for identification purpose and optional.

The year is based on fiscal year and may be different from the calendar year of the hire year. For example, if the fiscal year is 1 April to 31 March, a staffer hired on 1 July 2023 was hired in the fiscal year 2023-24, and 2024 is the right input.

This is the expected number of years that a staffer is expected to be employed. Subject to the company accounting policies, it can be a fixed number, a number based on the retirement of each staffer, or based on some formula.

This is the total salaries and wages incurred for the staffer in a subject fiscal year. If the staffer is hired during the fiscal year, annualize the number for proper calculations.

This is the expected growth of salary per year to project the salary as of transition year and payment year.

The statutory cap of LSP benefit is $390,000 as of 2024. Companies may offer its employees with higher caps or no caps at all. Input the cap in the field. In case there is no cap, input “0”.

The statutory cap for the last full month salary for the calculation of LSP benefit is $22,500 as of 2024. Companies may offer its employees with higher caps or no caps at all. Input the cap in the field. In case there is no cap, input “0”.