What Is Payroll Software? Singapore Payroll Basic &Amp; Requirement

By Ramya Dilip

What Is Payroll Software?

Payroll software is the one which computes the employee salaries every month. The employee may be paid by hourly rate / daily rate/ monthly fixed salary. The employee may have some additions and deductions in every month like overtime pay, daily allowances, advance payment, medical claim, special allowance, etc And the employee unpaid leave, lateness & early leaving pay needs to be deducted from his salary.

Every month the payroll software should able to generate the pay slip for the employees. And payroll software must have useful management reports like, Monthly Salary Summary Report, Overtime Payment Report, Taxation Report, Yearly Summary Report, and Monthly Reconciliation Report.

And 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:

[youtube]http://www.youtube.com/watch?v=9utHyGH3IT8[/youtube]

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.

Ethnic Funds: (SINDA / CDAC / MBMF / ECF):

Based on the employee ethnic group there is a need of ethnic fund needs to be contributed by the employee. This contribution amount will be deducted from the employee salary every month and this fund directly goes to the relevant ethnic group welfare. The ethnic funds are SINDA (for Indians) CDAC (for Chinese), MBMF (for Malays), ECF (for Eurasians). The contribution amount will vary depends on the employee salary. The information can be found at the relevant ethnic group web sites.

SDL- (SKILL DEVELOPMENT LEVY):

This levy must be paid for all the employees working in Singapore. Currently the SDL is 0.25% for salary up to S$4500 (as of 2010). This amount must be paid by the employer to the SDL board. The SDL board uses this fund to provide subsidy for employees training programs / upgrade skills, etc Usually there are many training courses will be run by SDL approved vendors. A company can able to get up to 90% subsidy from SDL board while the company sends their employees for training.

FWL- (FOREIGN WORKERS LEVY):

This levy must be paid by employer for the foreign workers working in their company based on the worker skill level. Currently (as of 2010) LOW / MEDIUM /HIGH levels of levy need to be paid by the employer. The levy amount can be found from the FWL website.

Income Tax:

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 employees 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.

National Service:

It is mandatory that the all eligible Singaporean & permanent resident must go for the national service on request. During the national service period the employee salary will be paid by the government (MINDEF Ministry of Defense) and the relevant CPF must be paid by the employer.

Leaves (Annual Leave, Medical Leave, Child care Leave, Maternity Leave):

There are certain types of leaves mandatorily provided as employees benefit. Like annual leave (7 days), Medical Leave (14 days), Child care Leave (6 days for Singaporean & 2 days for non Singaporean), Maternity leave (60 days)

Payroll Software for Singapore:

Payroll software suitable for Singapore should have all the above features built-in. In addition to that a good payroll software for Singapore should have the below additional features.

Remainders:

There are many foreigners working in Singapore. Those foreigners having work permit pass / employment pass / professional pass. Usually this passes is valid for certain years. So the payroll software should show the remainders when it is due.

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.

About the Author:

Payroll Software System Trusted by 1500 Singapore Companies Infopay – Singapore Payroll Software | Singapore Payroll System Infopay – Singapore Payroll Software System

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Home Income Cash System

Home Income Cash System

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It’s a fact that if you put down $500.00 in an online currency trading account, brokers will give you 200:1 leverage, allowing you to trade $100,000. Before you say: I couldn’t be a currency trader! It’s to complicated or hard, let me tell you a quick story which will change your mind. Back in 1985, legendary trader Richard Dennis set out to prove that anyone could learn to trade, if they had the right mindset and the right education. He taught a group of people who had never traded before, a method and how to apply it in just 14 days. Dennis then set them up with trading accounts. The result? This group went onto make hundreds of millions of dollars and go down in trading history. Now I am not implying that you will make hundreds of millions of dollars – but there is a big difference between something being impossible and being achievable, and it’s a fact, trading success is open to all of us. How do you set out on becoming a successful trader? Let me ask you a question: Can you read a graph and can you spot repetitive chart patterns? Well if you can, you can look at a chart, learn these patterns and trade them for profit. You can get all the information to do this online and trade high odds set ups. If you trade them for profit and with leverage on your side, you can build wealth quickly and make money fast… All you need is the right education and a willingness to succeed. A word of caution – it’s easy to learn how to trade – but you must have the right mindset. It is mindset which separates winners from losers. You have to have the discipline to keep your loses small and take them and when dealing with leverage this is simply essential. There is nothing wrong with taking small losses but if you keep them small and run the big profitable trades, you can win longer term. Can you do it? The question is – do you want to make money fast and do you have a will to succeed? If you do then you can learn to trade currencies in just a few weeks, practice your art in a demo account and then trade with leverage on your side to build wealth quickly. It’s a learned skill and if you are up for a challenge then you can do it and get on the road to building a lucrative second income or even a life changing one. Currency trading is the world’s biggest business and with the rise of online trading its open to all people and you don’t need to be rich to get started. Are you ready for a challenge?

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Cut Your Energy Bills Today

byadmin

Keeping warm in the winter can be a challenge, especially when you’re faced with high heating bills. Most people use space heaters and other direct contact heating to keep them warm while running their furnaces on low in the background. Whether you’re using propane tanks in Manchester CT, or power from your local energy company, there are ways to save on heating costs. Here are a few of them to get you started.

Whole Home Insulation

If you haven’t already done so, make sure that your home is fully insulated for the winter. It’s not enough to just insulate the attic and not the rest of the home, especially if you have an older structure. Your walls need to be insulated to keep the cold air from coming into the cracks and crevices of the outer walls of your home. You can have a company do this for you, or you can do it yourself. It’s one of the best ways to keep the heat in and save on heating costs in the winter.

Window Coverings

Your window coverings should have a thermal backing. Thermal coverings can help keep the cold out. You can also cover your windows with plastic to ensure that no cold air seeps in from that area. This is a simple task that can be done within a few hours, depending on the size of your home. When you’re out buying propane tanks in Manchester CT, stop and pick up a roll of plastic. It’s inexpensive and could make a big difference in the amount of cold air that enters your home from the windows.

Layered Clothing

When you’re at home in the winter, layer up your clothing to keep from having to turn up the thermostat. Add a layer of long johns to your normal clothing, and this could make a big difference in how you feel. Heavy sweaters that are easy to remove are also ideal in winter. Wool socks and other warm materials can be beneficial when the winter months arrive and you’re not able to pay for the increase in power needed to keep warm. You will need to keep your pipes from freezing, so turning your furnace off entirely to use a space heater or any other source of alternative heating is not recommended.

Start your search for propane tanks in Manchester CT now, and start seeing a difference in your energy costs.