Payroll software is the one which computes the employee salaries. A well written payroll software should have the below options.
The employee may be paid by hourly rate / daily rate/ monthly fixed basis. Other than the employee basic salary, the employee's overtime, daily allowances needs to be linked from the time attendance software. The employee may have some additions or deductions in every month salary like advance payment, medical claim, special allowance, etc… And the employee unpaid leave, lateness & early leaving needs to be deducted from his salary.
Different countries have their own computation for taxation & provident funds. So the payroll system should comply with the local government regulation for salary calculation.
Payroll for Singapore:
Payroll in Singapore country should be complying with Singapore government regulations as below.
CPF - CENTRAL PROVIDENT FUND:
An employee who is Singaporean / permanent resident of Singapore must contribute CPF to the CPF board. The CPF amount comprises of employer & employee contribution. There are different percentage of calculation based on the employee salary and age. The information can be found in CPF BOARD website.
Based on the employee salary, income taxes are needed to be paid by the employee. Currently Singapore income tax board makes mandatory condition that the employer must submit their employee's yearly income details to the income tax board directly which is called auto inclusion. There are various forms like IR8A, IR21, IR8S, APPENDIX-A needs to be submitted based on the requirement.
Online Bank GIRO:
For employee salaries Writing cheques / paying cash are very outdated. The payroll software should able to generate the interface file to the banks with their employees' salary details. Then the bank can directly credit their salaries to their account.
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