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  • Address: 8 Robinson Road, #07-00 ASO Building, Singapore 048544
  • Call US: +65 63270620
  • Email Address: contact@finova.com.sg

Payroll Management

DETAILS

Keeping the morale of your workforce is essential if you want your employees to be happy with their respective jobs and continue working for you. With that said, it is equally important to ensure that your payroll management system is able to manage deadlines and carry out accurate calculations and pay out your employee salaries on time to eliminate unnecessary confusion and negatively affecting their expense plans or GIRO arrangements.

  • Services PayRoll

Payroll management covers more than just a list of people your business employs and what they should be paid. It’s more than just being knowledgeable about tax information and complying with legal requirements. An efficient payroll process is essential to keep your employees motivated to deliver and perform excellently.

 

To help you manage your payroll system in Singapore efficiently, we’ve outlined some points you need to consider and be mindful about:

1. Salary refers to basic pay and allowances that covers payment for work done under a contract of service. It does not include food, housing and travel allowances.

 

2. Salary should be paid at least once a month or at shorter intervals, depending on your discretion as an employer but most preferably within 7 days after the end of the salary period and no longer than that.

 

3. Employers should issue itemised pay slips to all employees covered by the Employment Act, which should enumerate the essential details including basic salary and allowances, date of payment, salary period, overtime pay, and all deductions made.

 

 4. Employers must keep detailed employment and salary records of their employees, while records of ex-employees should be kept for one year after leaving.

 

5. For incomplete work months, an employee’s salary should be prorated, where an employee will only be entitled to the prorated portion of his salary for those days of the month that he worked.

 

6. Employers are expected to pay at least 1.5 times the hourly basic rate of pay for overtime work, which is any work done in excess of the normal hours of work (excluding breaks). Employees can only work up to 72 overtime hours in a month, and payment for overtime work should be made within 14 days after the last day of the salary period.

 

7. Employers who have received a notice to file their employment income electronically or employ 8 or more workers during the entire year should submit their employees’ income information to IRAS electronically. In order to submit employment income electronically, the company has to register for the Auto Inclusion Scheme (AIS) with IRAS on myTax Portal, with their Corp Pass. The timeline to register for AIS is 1 Apr 2019 to 31 Dec 2019.

If Accounting is the language of your Business. We are always happy to help. Call Us.

At FINOVA, we look forward to speaking with you. Whether it is routine or an urgent accounting assignment, we take the time to analyse and understand the issues of your organization. Please just fill out the form below and we will get in touch with you as soon as possible. Or Call us at +65 63270620.