Singapore company incorporation specialist Rikvin has today published a guide on Singapore Payroll Management. The guide aims to help enterprises navigate their way through the payroll management process and avoid errors that could potentially be detrimental to their brand.
“The prompt and correct payment of salaries is the responsibility of all employers. In Singapore, the Ministry of Manpower has recently effected the Workright Campaign, to allow employees to act as whistleblowers should their employers not contribute to their Central Provident Fund (CPF) or allowances and overtime payments, for example,” explained Mr. Satish Bakhda, Head of Operations at Rikvin.
“Our guide provides a checklist of the salient components of the payroll management process. By checking against the list and fully complying with the Employment Act as well as the CPF Act, an enterprise may avoid unwittingly committing mistakes that could hurt its good name,” he continued.
The concise guide covers salient components of a payroll management process in Singapore. These components include statutory contributions such as the CPF contributions, Skills Development Levy, community-related funds and the Foreign Worker Levy. It also includes other important payroll elements such as unpaid leave, overtime pay, public holidays and tax clearance.
“Our guide provides a checklist of the salient components of the payroll management process. By checking against the list and fully complying with the Employment Act as well as the CPF Act, an enterprise may avoid unwittingly committing mistakes that could hurt its good name.”
In addition, the guide details the right way to compute salaries and expounds on other obligations of an employer when it comes to the filing of income tax returns or tax clearances.
“This list also illustrates that payroll management requires care and great attention to detail. As a one-stop business solutions provider, we also help growing enterprises manage their payroll services, so that they align themselves with statutory requirements. We hope our guide and services will help more smaller enterprises maintain their good standing with the authorities,” affirmed Mr. Bakhda.