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New element value calculated automatically as a percentage of another element (salary)

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I'm looking at creating an element that is automatically calculated as a percentage of the annual salary. We do not use Oracle payroll and need this extra element to be displayed in the TCS.

The annual salary is stored as a recurring element.

This new element should be calculated as a fixed percentage of the annual salary element at every stage i.e. when salary is first entered or when salary changes are made.

Example - if the percentage decided is 10%:

When hiring an employee, the salary is set at 10,000

The new element value is automatically updated as 1000

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