Million Payroll offers the capability to generate itemized payslips, and providing these detailed payslips holds significant importance in Singapore due to various compelling reasons:
Transparency: Itemized payslips provide transparency to employees by clearly outlining the various components of their salary. This transparency builds trust between employers and employees.
Compliance: The Singapore Ministry of Manpower (MOM) mandates that employers must provide itemized payslips to their employees. Failing to comply with this requirement can lead to legal penalties.
Legal Clarity: An itemized payslip ensures that both employers and employees are on the same page regarding the details of the employee’s compensation. This can help prevent disputes and misunderstandings.
CPF Contributions: Itemized payslips detail the Central Provident Fund (CPF) contributions made by both the employer and the employee. This information is crucial for employees to keep track of their retirement savings.
Tax Purposes: Itemized payslips provide a breakdown of earnings, deductions, and contributions. This information is essential for employees when filing their income tax returns.
Transfers and Loans: Itemized payslips are often required by banks and financial institutions when employees apply for loans or financial products. These institutions use the payslips to assess the individual’s financial stability.
Proof of Income: Payslips serve as official proof of income, which can be useful when renting an apartment, applying for a credit card, or in various other situations where income verification is needed.
Record Keeping: Itemized payslips help both employers and employees maintain accurate records of salary transactions over time.
Statutory Entitlements: Itemized payslips ensure that statutory entitlements like overtime pay, bonuses, and allowances are properly documented and paid.
Following the completion of the payroll process, the subsequent step involves disbursing salaries to your employees. This can be executed through methods such as cash, cheque, or bank giro payment. Simplifying the bank giro payment procedure, Million Payroll software facilitates the generation of a file with a straightforward click. After generating the file, you only need to access your bank’s website and upload it. This seamless process ensures that salaries are disbursed efficiently and effortlessly.
Payroll software eliminates the need for manually entering individual CPF details on the CPF website. The process is simplified: by clicking the e-submission button, a file is generated for direct upload onto the portal. This straightforward procedure not only saves time and effort but also ensures accurate CPF calculations, eliminating the need for manual calculations. This integrated approach saves you the additional effort of re-entering the data into the portal for submission.
To simplify your tasks even further, Rockbell has collaborated with IRAS to streamline the process of preparing and submitting employment income information for employers. In alignment with IRAS’s recommendation, utilizing payroll software integrated with the AIS Application Programming Interface (API) Service, provided by AIS payroll software vendors, enables the convenient and efficient submission of records directly to IRAS.
Starting from Year of Assessment (YA) 2024, participation in the AIS becomes mandatory for employers meeting the following criteria:
1. Employing 5 or more individuals, which includes:
2. Receiving the “Notice to File Employment Income of Employees Electronically under the Auto-Inclusion Scheme (AIS)”.
By adhering to these requirements and utilizing the AIS through integrated payroll software, you can effectively manage your obligations to IRAS while enhancing operational efficiency.
Million Payroll provides a smooth integration with Million Accounting, effectively decreasing the requirement for redundant data entry. This integration not only streamlines processes but also helps mitigate the risk of human errors such as typo mistakes.
Executing this process is remarkably straightforward. Begin by clicking on the “Export Payroll to Accounting” option. Then, choose the desired month for importing into Million Accounting. As a result, a file will be generated. Merely upload this file into our Million Accounting software. With these uncomplicated steps, all necessary actions will be successfully completed.
Million Payroll Software Provides a seamless process for swiftly submitting your employment data to the Occupational Employment Dataset (OED) portal managed by Ministry of Manpower (MOM). By Entering the necessary details, Million Payroll will automatically handle the submission for you with just a few click of button.
Report appears like this sample below
For more information on OED, you may refer to our blog here: https://www.rockbell.sg/what-is-the-occupational-employment-dataset-oed/