What is Payroll?
A payroll is a company’s list of employees and their salaries.
It is usually compiled by the company’s human resources department.
The payroll can be used to determine how much tax a company must pay and how much money it has available to pay its employees.
A company’s accounting department may also use this figures to track employee expenses and salary.
There are a variety laws that govern this.
For example, employers are required to pay their employees overtime pay for non PMETs and medical leave .
There are also many new legal requirements by the Singapore Government to cater for leaves that are covered under newer acts.
Most large companies use a third-party processing company to compile and pay their employees’ salaries.
These companies offer a variety of services, such as preparing employee tax forms, tracking paid time off, and issuing paychecks.
Small businesses may choose to process their own payroll using software or online services.
This can be a time-consuming process, but it can save the business money.
There are a number of things to consider when setting up a payroll, such as the types of payrates employees will be paid at and whether or not the company will offer benefits.
There are also a variety of deductions that can be taken from an employee’s salaries, such as CDAC/SINDA/MBMF/ECF contributions and CPF contributions.
This are the requirements by the government and something that we are familiar with.
If you are a new founder, you may not be so sure of what else to include.
We have 30 over years of experience working with various financial institutions, startups and SMEs to provide the quality services expected of us.
If you require Singapore Payroll services, speak to us about it!