Timely payment of salary under the Employment Act
Under the Employment Act, companies must pay their employees correct salaries within 7 days after the end of the salary period. Failure to pay salaries in accordance with provisions of the Act is an offence.
Hence, one of the most important tasks for a business is the timely preparation of payroll and payment of salary. However, this process can be further complicated with additional components such as benefits, allowances, deductions, government remittances, etc. It is of no surprise that consequently many SMEs choose to rely on payroll outsourcing to accounting firms in Singapore.
We have been providing our Payroll Management Services to hundreds of clients across a wide range of industries, since 1998. Our payroll specialists in Singapore are well-trained and equipped to process even the most complex payroll account with our advanced payroll software. Our service ensures that government remittances such as CPF are paid on time, tax filing requirements are adhered to, and the payroll information is kept confidential offsite.
Payroll Management Services
How Outsourcing Payroll Management Service to Rikvin works
When you engage our Payroll Management Services, you will be assigned to an Accounts Manager who will work with you on your payroll needs. Based on the information and required documents you submit to us, your Accounts Manager will review and organize the information to create and maintain your payroll ledger. He will also, per your advice, make salary payments and submit all necessary payroll taxes.
Our Payroll Management Services include:
- Salary calculation on a 7-day, 14-day or 30-day basis.
- Payment of salary to employees by cheque issuance or through bank transfer such as GIRO.
- Central Provident Fund (CPF) registration and monthly payment that is always timely
- Issuing of IR8A Form for personal tax (includes annual filing returns)
- Preparation and submission of Auto-Inclusion Scheme (AIS) with IRAS
- Computing gross to net salary and CPF
- Providing payroll reports and payroll journals for Management and Accounting purposes
- Issuing confidential pay slips (hard copy or electronic)
- Preparation and submission of IR21, GML, NS MUP, CPF refund, government statistical forms etc.
- Access to Leave Management Portal
- Access to Online Claim Management Portal
- Access to Online Payslip Portal
Rikvin Payroll Process
Rikvin Payroll Cycle
Payroll Management Services managed by In-house HR manager, and DIY through SAS Model
The latest inclusion to Rikvin Singapore’ss Payroll Management Services offering is a powerful in-house and cloud-based Payroll Management Software. Our proprietary software alleviates the administrative burden of managing complex payroll activities with features and services that enable you to gain control of payroll. Specifically, this Payroll Management Software offers:
- Customisation: Easily brand the software with your company logo
- Scalability: The software is scalable to any organisation structure and can accommodate any number of employees
- Employee Access: Employees can access their payslips, timesheet, leave management and claims independently
- Easy Compliance Management: Singapore Ministry of Manpower (MOM) regulations and all statutory deductions-related calculations are in-built, making the processing of payroll requirements, whether simple or complex, straightforward
- Leave and Attendance Management: Leave and timesheet management modules can be integrated with your existing biometric processes
- Access Controls: Managers can approve leaves, claims, and timesheets based on a mapped approval matrix, ensuring access and information control across different employee groups
Approve leave requests easily from one centralised dashboard
View comprehensive leave request details and access a summary of leave transactions taken by employees
Review timesheets that track attendance and working hours closely
Human Resource Services
Our recruitment specialists can help you secure manpower, no matter foreign or local.
- Hiring New Employee and Exiting Employee Administration
- Drafting of Employment letters and contracts
- Employee insurance
- Salary benchmarking
- Staff training
- Work visa applications
- MOM Audit assistance
- General HR consultancy services
Talk to our service leader:
CA (Singapore), CVA (Assoc), MBA
Director – Co-Head of Advisory and Outsourcing
CA(Singapore), FCCA, MBA
Frequently Asked Questions
- There are two statutory requirements (or payroll taxes) for employers in Singapore as regards to their contribution per employee:
- Central Provident Fund (CPF) contributions, which are payable only to Singapore Citizens and Permanent Residents.
- Skills Development Levy (SDL), which is payable for all employees, and is used to support workforce upgrading programmes, as well as provides training grants to employers.
- Skills Development Levy (SDL) contribution is payable by employers for all employees up to the first $4,500 of gross monthly remuneration at the rate of 0.25% or $2, whichever is higher. This is payable for all employees and is used to support workforce upgrading programmes, as well as provides training grants to employers.
- Singapore has the progressive resident rates for personal taxation ranging from zero to 22 percent with the topmost rates kicking in at S$320,000 annual income.
- Yes, you can. The GST that a company incurs on business purchases and expenses (including import of goods) is known as input tax. If your business satisfies the conditions for claiming input tax, you can claim the input tax on your business purchases and expenses. This input tax credit mechanism ensures that only the value added is taxed at each stage of a supply chain. While the output tax is what you charge as GST from your customers for your services or supplies. The difference between the output and input tax is the net GST payable to IRAS or refunded by IRAS.