Successful payroll management in Singapore requires proper systems and procedures to ensure accuracy and timeliness. Employees expect to be paid accurately and on time each and every pay period.
The main component to accurate payroll is accurate time and attendance. If the data going in for payroll computation is not accurate then the payroll calculations will not be accurate.
What constitutes a complete payroll management system
- Accurate time and attendance collection
- Up to date HRIS (Human Resources Information System)
- Accurate payroll software with up to date tax code data
- Online, accurate vacation leave management
- Detailed payslips
- Bank files and Government reports
What constitutes salary
According to the Employment Act of Singapore salary refers to remuneration, including allowances, paid for work done under a contract of service.
It does not include:
- The value of accommodation, utilities or other amenities.
- Pension or provident fund contribution paid by the employer.
- Travelling allowance.
- Payments for expenses incurred during work.
- Gratuity payable on discharge or retirement.
- Retrenchment benefits.
Remember, Singapore does not have a minimum wage. Your salary is subject to negotiation and agreement between your employer and you or your trade union.
Want to learn more about how PayrollHero can help your Singapore business with their time, attendance, scheduling, HRIS, business intelligence, leave management and payroll? Contact us!