Payroll Outsourcing & Payroll Services Singapore
Never Lose Sight Of Your Business Core – Customers, Not HR & Payroll
With effect from 1 April 2016, under the Singapore’s Employment Act, all companies must keep and maintain detailed employment records of all their employees for a period of at least two years. The records to be kept and maintained are Employees records and Salary records. Companies can be penalized if they failed to maintain such record in accordance with the Act.
Employees covered under the Employment Act must have their salary disbursed to them at least once a month within 7 days after the end of the salary period. Hence, it is very important that a Company prepares their payroll and arrangement of salary disbursement in a timely manner. However, in many situations, this process is complicated with other factors such as allowance, expenses claim, provident fund contribution, benefits etc. Without a in-house reliable & trusted Singapore outsourcing firm Singapore specialist, these complications may incurred errors and delay in their monthly payroll processing, hence many Small Medium Enterprises (SMEs) have opt to outsource their payroll service Singapore to professional firms.
WLP Group offers a full range of scalable HR Management solutions and Payroll Outsourcing Singapore to your company. Our dedicated team of Payroll Outsourcing Singapore specialists are experienced in Payroll Outsourcing Singapore, are capable of providing expert consultation and support on HR & payroll services Singapore matters whenever you need.
By finding experienced Singapore payroll services consultants for your Payroll Outsourcing Singapore responsibilities and HR administration such as WLP Group, a reliable & trusted Singapore outsourcing firm, your team will be able to focus on optimizing workforce efficiency & productivity rather than managing existing HR operations. We also provide other services including company incorporation and HR shared services. Contact us for a free HR shared services Singapore consultation!
Overview of Payroll Services Singapore
- Maintaining payroll file for each employee.
- Calculating of salary based on monthly or bi-monthly basis.
- Processing gross to net salary and MOM-compliant CPF & Self-help group (SHG) contributions.
- Processing bonuses or/and any ad-hoc payments.
- Processing no pay leave.
- Generating MOM-approved itemized payslips.
- Providing detailed payroll outsourcing Singapore reports for management’s review.
- Preparing and submission of ad-hoc statutory claims such as NS Men, maternity, childcare, IR21 and other related forms.
|CPF Statutory Calculation and Submission|
|Bank File Generation and Submission|
|Government Paid Leave Claims Submission|
|National Service Leave Claims Submission|
Why Singapore Payroll Services with a Singapore Outsourcing Firm?
Singapore payroll services have become increasingly popular among organizations as they strive towards increase productivity and cost-efficiency over the years. One of the popular processes that businesses outsource would be their Singapore payroll services and Human Resources functions. Payroll is a critical function that has to remain operative regardless of situation arising in and out of the business. Especially in a fast-paced environment in Singapore, it is important that the Payroll outsourcing Singapore functions are delivered in a compliant and timely manner.
In Singapore there are many reliable & trusted top outsourcing firm Singapore that offer their expertise in attractive and for value packages. This is as an alternative to hiring a team of in-house human resource department which can incur high staffing expenses. That is why HR shared services is known to be more cost-efftective. One interesting fact about outsourcing payroll is that it cost companies as much as only 10% compared to bringing in an in-house team to manage their human resource and payroll outsourcing Singapore.
Payroll outsourcing Singapore is not just about calculation and disbursement of salary to your employees. There are many statutory requirements and regulations such as the Central Provision Fund Board (CPF) deductions, contribution to respective Self-Help Group Funds such as the Chinese Development Assistance Council Fund, Mosque Building and Mendaki Fund, Singapore Indian Development Association Fund. Therefore it is pivotal find a reliable & trusted Singapore outsourcing firm.
It is also important to note that not all elements of a salary attract CPF contributions such as reimbursement of expenses paid by employees, transport claims and meal expenses etc. Without a consultation with a reliable & trusted Singapore outsourcing firm, or in-depth knowledge of CPF deductibles and other regulations, mistakes are easily committed when it comes to calculating salary and contributing the right amount to CPF.
Here are some areas that can explain the benefits of outsourcing your payroll functions:
Complex Guidelines and Regulations
In addition, there are guidelines and regulations imposed by the Ministry of Manpower’s policies that all employers in Singapore have to obey and oblige to adhere to when it comes to employing local and foreign employees.
Therefore it is important to find a trusted & reliable Singapore outsourcing firm that keeps up-to-date with the latest Singapore government policies. For example, all employees are entitled to government paid leave such as maternity leaves and medical leaves and the number of days entitled are according to the duration of employment and nationality. There is also a minimum days of annual leaves that employers must allocate to their employees.
Lack of Relevant Knowledge
For many Small Medium Enterprises (SMEs) in Singapore, these guidelines and regulations can be confusing and hard to understand. Mistakes are often committed due to the misunderstanding and lack of knowledge in the policies and instructions during the employment of local or foreign workers. Hence, the cost of rectifying and time consumed can be greater than outsourcing your payroll and human resource functions.
Hence, many companies in Singapore opt to use payroll outsourcing Singapore and HR shared services due to concerns about compliance and reduce risks of errors. It can be way more time consuming and costly if the companies are to send their in-house Singapore payroll team for training and keeping up-to-date on the legislation imposed. Therefore it is important to find an experienced top outsourcing firm Singapore that keeps up-to-date with Singapore compliance laws.
In most companies who have brought in an in-house team of Human Resource Department, there is often only one or two key members of the team who are equipped with the knowledge to handle payroll and human resources efficiently and accurately. In event due to turnover, retirement or even when the key member(s) have to be away from work for a significant period of time, risk of inaccuracy and delays are often inevitable.
This issue can be easily resolved by engaging a trustworthy and established payroll services Singapore provider as they provide payroll services in Singapore as one of their main business. A trusted payroll services consultancy will ensure with tested business continuity plans to process your payroll regardless of events arising in and out of business.
Keeping in Compliant
With constant changing guidelines and regulations, it is important to always keep up with the news and Ministry of Manpower, CPF board for changes that may affect your payroll. However, to fully understand the changes can be challenging for people who are not well-equipped with the knowledge of handling the payroll functions in Singapore. Professional payroll services Singapore providers are usually make up of a team of experts that specialist in payroll functions and will ensure that your company is in compliance with all legislative and statutory regulations on payroll requirements. Payroll service Singapore providers have to keep themselves updated constantly to maintain their professionalism.
As explained, preparation for payroll outsourcing Singapore on your own can be time-consuming, confusing and frustrating especially for one that is not well-equipped and updated of the relevant guidelines and regulations. At W.L.P Group, a top outsourcing firm Singapore, we have a team of reliable & trusted payroll experts. We provides affordable and professional payroll services Singapore and human resource packages to suit all industries regardless of sizes.
Do contact us today to speak with a reliable & trusted specialist from a top outsourcing firm Singapore!
Why choose W.L.P for your Payroll needs in Singapore
W.L.P Group, a reliable & trusted top accounting service provider in Singapore, offers a full range of scalable Singapore payroll services and Human Resource management solutions to companies from all size and industries in Singapore since 2013.
Our dedicated team of Singapore payroll services specialists are qualified to provide expert consultation and support regarding HR shared services, bookkeping services and payroll outsourcing services Singapore matters, whenever needed. At W.L.P Group, we ensure professionalism, data confidentiality, compliance and timely deliverance of our services to our valued clients.
- MOM Licensed Agent
- Cost Saving
- Qualified Personnel
- 100% Compliant with MOM
- Comprehensive Support