To ensure compliance with the Ministry of Manpower (MoM) in Singapore, businesses are now mandated to issue employee payslips through payroll software. This requirement is critical for generating compliant Singapore payslips, which include all necessary salary details and facilitate access for authorized personnel. This step aligns with the pay slip Singapore MoM rules for enhanced transparency and record-keeping in ePayslip management.
Moreover, it enables transparent reporting to the government regarding employee counts, salary specifics, and the necessary Contribution to Provident Fund (CPF). Businesses with efficient payroll systems already possess the most required data within their software, potentially necessitating minor updates.
However, compliance presents a substantial undertaking for entities without a payslip MoM system. To adhere to this mandate, such businesses must consider implementing an integrated ERP encompassing accounting, HRMS, and other business processes tailored to their industry.
Key Takeaways
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Key Employment Terms for Payroll Software Singapore
The MoM mandates employers provide Key Employment Terms (KETs) in writing to minimize employment disputes. Once signed by both parties, these terms solidify mutual agreements, reducing potential conflicts unless there are significant deviations from the agreed terms. Non-compliance with these regulations could result in substantial fines for employers.
The MoM offers resources on its website to assist with compliance and payroll management. Employers can generate payslips directly online or maintain handwritten copies. Additionally, the MoM conducts two-day seminars and workshops to ensure employers understand their obligations and responsibilities.
Payslips in Singapore detail the wages or results employees receive. Manually managing payroll can be overwhelming and challenging for companies, emphasizing the need for payroll software. This software facilitates salary distribution, tax calculations, and employee attendance management, helping companies handle their payroll needs efficiently.
The Itemized ePayslip
Under the amended employment act, the employer must give an itemized bill along with the salary or within three days of paying the salary. It can provide the payslip as a soft copy or a hard copy which can also be hand-written. The itemized payslip must contain the following details:
- Employer’s full name
- Employee’s full name
- Date(s) of salary payment. Multiple dates are relevant when the employee has various payments. These could be pending payments or accrued bonuses
- It must mention the basic salary and details regarding the hourly employee’s pay per hour and the total hours or piece
- The period of salary payment
- Details regarding the allowances paid. For example, travel allowance, uniform allowance, etc.
- Any additional pay like the bonus, holiday pay, etc.
- Any deductions, including the CPF contribution of the employee, loss of pay on account of leaves, etc.
- Overtime hours (if relevant)
- Overtime pay (if relevant)
- The period for which overtime is paid if it is different from the salary period (if relevant)
- Net salary paid
The employer must keep payslips for the last two years of an ex- or current employee. For ex-employees, the employer must keep two years of payslips and keep them for a year after they leave. Since this was mandatory for all organizations, the current rule applies to them.
You can explore additional articles about the MoM Overtime Calculator to gain a deeper understanding of overtime calculations in line with the Ministry of Manpower’s guidelines and how to optimize your payroll management system.
Streamline Your Payroll Management with HashMicro Software
HashMicro Payroll Software is a cloud-based ERP solution that adheres to the latest Ministry of Manpower (MoM) ordinances and benefits from available digital data. While it’s not mandatory to maintain employee details digitally, doing so can be advantageous.
This software simplifies payroll management by integrating employee details, terms of employment, salary information, and government requirements. By linking these details with accounting functions, businesses can enhance salary disbursement and meet HR requirements more efficiently.
As a leading provider, HashMicro is recognized for its standardized yet highly customizable systems. HashMicro’s credibility and reliability are well-established. It is trusted by prestigious entities such as Forbes, Changi Airport Group, and Abbott, underscoring its trustworthiness across various industries.
Businesses can use this software to generate comparative appraisals, accounting, and budgeting reports. The included payslip template helps streamline payroll processes in Singapore.
Below is the comprehensive suite of features that HashMicro Payroll Software has to offer:
- Daily/Hourly Worker Payslip Management: The software offers specialized management features for daily and hourly workers, streamlining the process of generating accurate payslips based on actual hours worked.
- Built-in Professional Templates for Payslip: The software comes equipped with various professional templates for contracts and payslips, allowing businesses to maintain a high standard of documentation without the need for external tools.
- Fully Localized Payroll with Tax Calculation: The software is fully localized to comply with each region’s payroll and tax regulations. It automatically calculates taxes and deductions based on local laws, reducing the risk of errors and ensuring compliance.
- Approval Delegation with Auto Follow-Up Notification: This feature enables the delegation of approval tasks with automated follow-up notifications to ensure timely processing. It streamlines the payroll approval process and improves communication between departments.
- In-Depth Payroll Reporting: HashMicro provides reporting tools that offer deep insights into payroll operations. These reports can cover individual employee payments and company-wide financial overviews, aiding in strategic planning and operational adjustments.
HashMicro Payroll Software is an end-to-end solution for businesses looking to manage their employee salaries efficiently. To explore the available pricing schemes and benefits of adopting this software, click on the banner below!
You can also read other articles related to the Occupational Employment Dataset, exploring its significance, benefits, and how businesses can leverage it to optimize workforce management and compliance strategies.
Conclusion
Cloud-based implementation will be more cost-effective as they don’t have to invest further in setting up a system. The cloud-based software is exclusively for handling employee data. Instead, the person in charge of HR can just input the data into the software using a browser over a secured internet connection.
HashMicro Payroll Software will ensure the government’s compliance with the data input, generate the required payslips for employees, and consolidate reports for the government. It can also calculate and distribute employees’ taxes and manage employee attendance, such as leaves, absences, and incoming data.
Experience firsthand how HashMicro can streamline your payroll management and ensure compliance with the Ministry of Manpower (MoM) in Singapore. Get the free demo now!
FAQ About Payroll Software Singapore
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How do I get an ePayslip?
To access your ePayslip, you typically need to log into your employer’s payroll software system or portal. If your employer uses specific payroll software, they should provide you with login credentials and instructions on accessing and setting up your account.
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How do I print my payslip?
To print your payslip, log into your payroll account and navigate to the section where your payslips are stored. There should be an option to view or download your payslip as a PDF. Once downloaded, you can open the PDF in a viewer like Adobe Reader and select the print option to print your payslip.
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What is the password for the SM ePayslip?
If you are trying to access an SM e-payslip and need a password, your HR department usually provides one. If you have not received or forgotten it, you should contact your HR or payroll administrator for a reset or reissue.
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What are the mandatory features for Singaporean businesses to look for in payroll software?
The essential features include ePayslip generation, compliance with local tax regulations (CPF, IRAS), integration with accounting systems, and capabilities for generating comprehensive reports required by the Ministry of Manpower (MoM).
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How does payroll software assist in tax compliance and reporting to local authorities in Singapore?
Payroll software automates tax calculations, manages CPF contributions, generates accurate tax reports required by IRAS, and ensures timely submission, simplifying the tax compliance process for Singaporean businesses.
