From 1st April 2016, the amendments made to the Employment Act by the Ministry of Manpower (MOM) of Singapore will be in force. Itemised payslips and Key Employment Terms (KETs) are the key highlights of the new framework. These changes bring an urgent requirement for the Singaporean employers to invest in an up-to-date payroll software which comes with a feature of generating itemised payslips.
It is vital for all Singaporean employers to get acquainted with the recent amendments made to the Employment Act by MOM as they should start implementing these changes by April 2016. Nevertheless, it is worth mentioning that MOM has given a grace period of one year from April 2016 to March 2017 for companies to get fully accustomed to the new changes.
A Glance at Key Changes of the Employment Act:
- Itemised Payslips
- Key Employment Terms (KETs)
- Keeping Employment Records
Payroll System of SBS: A Means to Stay Updated
Keeping in view the recent changes and rigorous compliance rules of Singapore government, SBS Consulting has come up with an upgraded payroll software that can meet the key amendment to the Singapore’s Employment Act, of generating itemised payslips. The company has already set a benchmark in the industry for serving thousands of clients with a range of cutting-edge business software packages. Its Payroll System is a fully-automated solution that will keep you updated even after the changes come into effect.
The Payroll System will generate the itemised payslips covering the following items so as to comply with the new changes of Singapore Employment Act.
- Full name of employer.
- Full name of the employee.
- Date of payment
- Basic Salary
- Start and end date of salary period.
- Allowances paid for salary period
- Additional payment (if paid any)
- Overtime hours worked
- Overtime pay
- Start and end date of overtime payment period
- Net Salary paid in total
(Reference: MOM’s itemised payslips)
Many of Singapore’s Small and Medium Enterprises (SMEs) are leveraging the payroll system to streamline the process. On top of that, legal compliance is also highly assured. It offers a host of useful modules such as Employment Management, Company Management, Payroll Management, Leaves Management, Claim Management Master Setup Management. In addition, it also provides modules for Time Attendance: Roster & Timesheet Management, Reports and Enquiry Management, Email Management, SMS Management, Reports and Dash Boards, Scheduler Management, Billing & Invoice Management and etc.
The customized payroll solution enables the Singaporean employers to choose from the wide variety of the modules and can avail the most suitable payroll solutions for their business. With simple and easy-to-use, web-based payroll software, you do not necessarily need any technical skill to operate it. The software is available around the clock and can be accessed from anywhere with internet connectivity.
If you are a Singaporean employer who has not yet updated the payroll software in accordance with the changes of MOM, it is the high time to take the plunge. Invest in Payroll System that includes the feature of generating itemised payslips and save yourself from getting penalized by the stringent authorities of Singapore. Even though the MOM will take a light-touch enforcement approach during the grace period, it is better to align your practices with the guidelines at the right time.