Issue Itemised Payslips Using Payroll Software & Keep your Employees & MOM Happy
Singapore employers, it is time to invest in a latest HR Payroll software if you want to stay compliant with the Amendments to the Employment Act of Singapore. The task is important and the employers especially, Small and Medium Enterprises (SMEs) need to give it a top priority. SBS Consulting, with its legendary Payroll System, makes it easy for you to come up with a customized payroll solution for your business. The tool enables you to properly handle issuance of itemised payslips to your employees and in keeping detailed employee and salary record.
Importance of Generating Itemised Payslips
The Ministry of Manpower (MOM) reasons that it is important for the employees to know how their salary is arrived at and their employment terms and the benefits they are entitled to. Its new guidelines on the issuance of itemised payslips and key employment terms (KETs) are totally aimed at resolution of salary disputes. So, using the latest version of a payroll software is not only going to assist you in being compliant with the changes but it will also improve your workplace environment.
The amendments to the Employment Act, to be enacted from 1st April 2016, also make it mandatory to the Singapore employers to issue itemised payslips to their employees once a month. Following are the components of such payslips.
Components of Itemised Payslips
|Sr. No.||Components of Itemised Payslips|
|1||Full name of employer|
|2||Full name of employee|
|3||Date of payment (or dates, if the payslips consolidates multiple payments)|
|4||Basic salary – For hourly, daily or piece-rated workers, indicate all of the following:
|5||Start and end date of salary period|
|6||Allowances paid for salary period, such as:
|7||Any other additional payment for each salary period, such as:
|8||Deductions made for each salary period, such as:
|9||Overtime hours worked|
|11||Start and end date of overtime payment period (if different from item 5 start and end date of salary period)|
|12||Net salary paid in total|
(Reference: MOM’s Itemised Payslips)
Choose a Complete Payroll System
For a small business, employing a limited number of individuals, it is possible to process payroll manually. However for the growing SMEs there is no option but to automate the process using a latest HR Payroll Software. The manual payroll processing is error-prone and may get you penalized.
From 1 April 2016, MOM is going to look for the breaches like:
- Failure in sending itemised payslips.
- Failure in sending KETs in black and white.
- Failure in keeping employment records.
What Do you Get With Payroll System?
Payroll System assists you in maintaining complete accuracy in payroll processing. It comes loaded with the following modules that goes a long way in automating the system. The tool comes with modules like Employee Management, Master Set-up Management, Company Management, Claims Management, Leaves Management, and Payroll Management. It also offers Reports and Enquiry Management, Email & SMS Management, Time Attendance, Bio-metric (Finger Scan ) Attendance support, and Billing & Invoice Management.
If you are still using an outdated version of the payroll software, time has arrived to get it updated or put your trust in a new Payroll System. It is wise to choose an up-to-date HR payroll software. It must be able to handle the added burden of producing itemised payslips, keeping Employee records and Salary records as per the amendments to the Employment Act.