5.

Payroll

We believe that people are the core of a business and so ensuring that they are paid on a timely basis is essential! After all, everyone needs their bread and butter.

 

Below are a few things you might need to take note of on top of ensuring everyone is paid:

  • Itemised payslip for all employees is a requirement (see below)

  • CPF contribution rates differ from person to person, depending on citizenship and age and are contributed by both employee and employers

  • Contribution to Self-Help Groups (SHGs) is a requirement but employees may choose to opt-out

  • Skills Development Levy (SDL) is a compulsory levy that you have to pay for all your employees working in Singapore, at 0.25%, between $2 to $11.25

Our core services included in the pricing quoted is detailed below-

Payroll

  • Computation of monthly payroll

  • Preparation of monthly payroll summary

  • Preparation of itemised payslips per requirements

  • Preparation of monthly CPF submission

  • Excludes: Obtaining of signatories or payment approval; Corporate governance; Leave tracking and Employee claims

Additional fees not included:

  • Preparation of IR8A: Approx $100 annual

  • Variable remuneration employees: subject to complexity

Payroll Regulations to note

Itemised payslip

From 1 April 2016, all employers must issue itemised pay slips to employees covered by the Employment Act, which must include the following:

  1. Full name of employer

  2. Full name of employee

  3. Date of payment

  4. Basic salary (detailed for rated workers)

  5. Start and end date of salary period

  6. Allowances paid & additional payment for salary period

  7. Deductions made for each salary period, such as:

    • All fixed deductions (e.g. employee’s CPF contribution, social contribution)

    • All ad-hoc deductions (e.g. deductions for no-pay leave, absence from work)

  8. Net salary paid in total

Form IR8A

All employers are required by law [S68(2) of the Income Tax Act] to prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for all your employees who are employed in Singapore by 1 Mar each year.

Auto-Inclusion Scheme (AIS)

Under this scheme, employers submit the employment income information of their employees to IRAS electronically. The submitted information will then be automatically included in the employees' income tax assessment.

From Year of Assessment (YA) 2018, participation in AIS is compulsory for employers with 9 or more employees or who have received the "Notice to File Employment Income Of Employees Electronically under the Auto-Inclusion Scheme (AIS)" gazetted under S68(2) of the Income Tax Act.

Singapore (Tampines)

Everyday Corporate

colleen.chan@everydaycorporate.com

Tel: +65 9320 2657

Mon - Fri: 8.30am - 5.30pm

​​Saturday: Closed

​Sunday: Closed

  • Black Facebook Icon
  • Black Instagram Icon
  • Black LinkedIn Icon

© 2020 Everyday Corporate (UEN: 53381085W, Filing Agent No.: FA20180269)