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.
- Services PayRoll
The Employment Act defines “salary” or “wage” as all remuneration payable to an employee with respect to his employment, including allowances and bonuses. However, it excludes:
- The value of accommodation, the supply of light, water, medical attendance or other amenities;
- Pension or provident fund contributions paid by the employer;
- Traveling allowance;
- Payments to defray special expenses incurred in the course of duty; and
- Gratuity paid on retirement or any retrenchment benefits payable.
Salary is subject to negotiation and mutual agreement between the employer and the employee. There is no minimum salary or wage in Singapore. However, an employer who intends on hiring foreign employees must consider the minimum salary requirements applicable to qualify for the various Singapore employment passes.
Managing your payroll can be a strenuous job, especially when your business is growing and your employee headcount is keeping up with that. From processing and reporting payroll components to ensuring compliance with the regulatory requirements to computing and disbursing salaries, managing your business’s payroll should be carried out with utmost accuracy and care.
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.