As the company grows, the number of employees will also increase, so payroll management will require special attention. Every employee is entitled to receive a pay slip. The process of calculating, managing, and reporting salary components such as government contributions, allowances, benefits, and applicable deductions are important factors that must be considered. Although there is no minimum wage requirement in Singapore, the amount of salary is usually determined based on an agreement between the employee and the employer at the time of recruitment. Companies in Singapore are required to regularly pay salaries in accordance with this agreement, taking into account government contributions, allowances, benefits, and other mandatory deductions.
The payroll services provided by EsinBiz include:
- Calculation of weekly, biweekly, or monthly base salaries and applicable mandatory deductions, including calculation of salaries for employees who resign;
- Providing various payroll payment methods as requested by clients, either through check issuance or bank transfer; if payment is made via GIRO, EsinBiz will assist in preparing a written agreement between the employee and the relevant institution;
- Recording and paying CPF (Central Provident Fund) funds every month in a timely manner;
- Calculating employee benefits and allowances;
- Preparing IR8A forms and attachments at the end of the year (both in print and digital form);
- Preparing documents such as IR21, GML, NS MUP, CPF returns, and government statistical reports;
- Preparing personal tax returns and completing the administration with the Inland Revenue Authority of Singapore (IRAS).