Do you get nervous every time you have to race against the monthly payroll deadline for your employees? Do you also experience constant stress as a result of the extra OT or transportation allowance that adds to the workload of your payroll process? Do you realise we can't even leave CPF calculation and crediting out of the picture?
A payroll system can assist you in automating salary payment processes and reducing time-consuming work while reducing errors. This will allow you to devote more time to other HR or business activities while saving time on payroll processing each month. The best payroll system for your business is critical to its success. The Singapore Ministry of Manpower (MOM) requires employers to provide itemised payslips to employees under the Employment Act. CPF computation and crediting are also included on these paystubs.
Reference reading - https://en.wikipedia.org/wiki/Ministry_of_Manpower_(Singapore)
The CPF Act requires that the employee declare an accurate CPF contribution. This is done to determine if any illegal kickbacks are being made. For example, if you declare $3,000 to MOM but only pay the employee $1,500 in gross pay, you may be in trouble.
CPF contributions are calculated using your employee's wages. As a result, it is critical to provide the CPF Board with accurate wage information so that the correct amount of CPF contribution can be verified.
Calculating employee and employer CPF contributions can be a daunting task, especially for large corporations where the HR executive must perform the time-consuming calculation of CPF contributions for each employee. How much time will be wasted if the HR executive does this for more than 500 employees every month? Wasted money is also an intangible cost.
A payroll processing automation system that automates CPF payroll calculation will greatly simplify and speed up the process. It can also automate CPF calculation and release payslips with a few clicks.
The automated system allows the company to reduce or even eliminate unnecessary time spent on CPF miscalculation and human errors, resulting in no late payments to employees.
