Payroll Overview
At a certain stage of most business incorporated in Singapore, hiring of employees is a natural stage for the growth of the company. With that, the management of payroll comes into the picture of running the business. Effective management of payroll plays an important role in both meeting regulatory requirements and maintaining healthy employee relationship with the company. The main difficulty that companies face is usually lacking the financial, legal and operational framework capabilities from an established human resources department.
Benefits of Outsourcing Payroll services
Outsourcing payroll services have been one of the methods that most companies use to meet regulatory and operational requirements. Especially for SMEs, the number of employees in the company does not justify a dedicated employee to do HR while passing on the task to an admin may not be suitable as it required a certain level of expertise. This is where outsourcing your payroll becomes more cost-effective as SMEs can get the required expertise at a fraction of the cost. Payroll outsourcing comes in various levels, from providing a full payroll service to simply corporate payroll on an advisory level.
The main regulatory bodies surrounding payroll are, Central Provident Board (CPF), Ministry of Manpower (MOM) and Inland Revenue Authority of Singapore (IRAS). Whether payroll is done in-house or through a payroll outsourcing company, specific changes in requirements have to be adhere to or companies may face fines or suspension of business.
Our Payroll services
At I&S, we pride ourselves not just as a outsourcing payroll services company but as a HR partner that provides end-to-end services that extend way beyond payroll outsourcing. Our basic payroll outsourcing service includes,
- Salary Computation and Payment
- CPF Computation and e-Submission
- Payslip Generation
- Employee’s IR8A submission
- IR21 submission
- Auto Inclusion Scheme
Salary Computation and Payment
Calculating for payroll is more than just paying the right amount to your employees. Calculation of salary needs to be broken down in to different categories such as basic salary, overtime, bonus, sales commission, expense claim and deductions. Furthermore, paying your employees in a timely manner brings them assurance and helps to build a strong relationship between the company and employees.
CPF Computation and e-Submission
Submission of CPF is a mandatory requirement as stated in the CENTRAL PROVIDENT FUND ACT. As company specialize in payroll, we use algorithms to streamline this process. This helps us make our work highly efficient and accurate while reducing our cost as well as yours.
Payslip Generation
From 1 April 2016, it is a mandatory requirement for all employers to issue itemized pay slips to their employees. Each payslip requires a thorough breakdown of how their pay was derive each month. Apart from being mandatory, payslips provides the necessary information to employees on how their salary was derive, building a strong trusting relationship with their employers.
Employee’s IR8A submission
As stated in the Income Tax Act, it is mandatory for all employers to prepare IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) by the 1st of March each year. Submission of IR8A for their employees is required if the employer has 8 or more employees as stated in the Auto-Inclusion Scheme.
IR21 submission
Every employer has the responsibility to withhold all monies due to an employee for tax clearance. This is required when an employee that isn’t a Singaporean cease employment with you in Singapore, plans to leave Singapore for more than 3 months or get posted overseas.
Registration for Auto Inclusion Scheme
Auto Inclusion Scheme (AIS) for Employment Income helps employees submit their income information to IRAS. It is mandatory for all employers with 8 or more employees to file their employees income tax. Employers that are not in the AIS can opt to register as well to help their employees with the filing.
Our Pricing
| Payroll Outsourcing Packages Available | Our Fee (SGD) | Market Rate (SGD) |
| Monthly Payroll Services* | From $350 | From $500 |
| Preparation Of IR8A (Free with Monthly Payroll Services) | From $150 | From $150 |
| Preparation Of IR21 (Free with Monthly Payroll Services) | From $250 | From $250 |
*Clients engaged in our Monthly Payroll Services will receive free complimentary Preparation Of IR8A & Preparation Of IR21
Apart from our payroll outsourcing services, we also provide advisory on HR and Payroll matters, draft employment contract templates, customize compensation packages, drafting HR policies, corporate secretarial services, bookkeeping and accounting services.