What is KET and Itemized payslips?

Transcription

1 What is KET and Itemized payslips? Presented by: Steve Koh General Manager AGHRM

2 Overview Employment Act is Singapore s main employment law. It provides for the basic terms and working conditions for employees, while balancing employers need to stay competitive. This act is regularly reviewed to keep pace with the changing labourforce profile and employment landscape. The last review was in Key changes effective 1 April 2016: Issuance of Payslips Key Employment Terms Keeping of Employee Details Objective for these changes: Allow employees to better understand their regular salary components, as well as employment terms and benefits. Help the employers to prevent misunderstandings and minimisedisputes with their employees

3 Introduction Solutions Provides end to end HR management solutions Comply to payroll requirements in Singapore, Malaysia and Indonesia Setup and configure solutions based on customer requirements Train and support installations Services Manage employees information Process monthly payroll in Singapore and Malaysia Submit bank details Submit monthly CPF and annual IRAS reporting Assist in other claims (e.g. maternity, childcare, IR21, NS)

4 Company Profile Incorporated in 2006 in Singapore France United Kingdom United States India China Malaysia Singapore Taiwan Hong Kong Indonesia Japan Korea Philippines Australia Development and operations are based out Singapore Till date, we have over 400 corporations using our solutions in more than 12 markets in Asia-Pacific SPRING, appointed HRSS provider and pre-approved ICV integrated solutions IRAS, supporting payroll software Inland Revenue Board of Malaysia, compliance to MTD (Monthly Tax Deduction)

5 Key Employment Terms #1 Objective: Assures employees about their regular income as well the main benefits they enjoy by working in the company. Develop trust between employers and their employees. Who should receive the key employment terms in writing? All employees who have a continuous employment of at least 14 days should be provided with key employment terms in writing. Employers are encouraged to provide the key employment terms in writing to their employees before the commencement of work, as far as possible. If not, employers should provide the terms no later than 14 days after the start of employment.

6 Key Employment Terms #2 Items to be included: Contracting parties (Name of employer and Name of employee) Job title and main duties and responsibilities Date of commencing employment Duration of employment (Only for employees on fixed-term contract) Daily working hours, number of working days per week and rest day(s) Salary Details Salary period Basic salary per salary period Fixed allowances/deductions per salary period Overtime payment period Overtime rate of pay Other salary-related components (e.g. bonuses, incentives) Leave entitlements (e.g. annual leave, outpatient sick leave, hospitalisationleave, maternity leave, childcare leave) Other medical benefits (e.g. insurance, medical, dental benefits) Probation period Notice period for termination of employment initiated by either party

7 Itemised Payslips Employer Name Payment period Staff name Payment Details Deduction Details Overtime units Overtime amount Nett amount Format - Employers could issue the payslip in hard and/or soft copies

8 Employee Records Duration of storage For current employees: Latest two years. For ex-employees: Last two years, to be kept for one year after the employee leaves employment. Types of records: Employee records Employee details Leave details Salary records (same as itemized payslips)

9 Solutions Overview Banks Accounting Solutions Malaysia Government Agencies Singapore Indonesia

10 How can we help? KET Online Document Centre Itemised Payslips Automatic generation of payslips epayslips available to staff via , web, mobile Employee Records Stores unlimited records of pass employees Comprehensive employee details Includes leave management

11 Case Study #1 - Background Company A provide landscaping services and has been operating for over 10 years. 3 years ago, they had about 40 employees Since then, they went into cleaning services and expanded to 300 staff in 3 years time. However, their HR processes could not keep up. HR team grew from 1 to 3. But everything was manual.

12 Case Study #1 Payroll Process Time Management Staff clock in/out using punch card Before payroll processing, HR needs to collect all punch card from 10 worksites Compute OT/allowances Problem Faced Payment rules are interpreted by the person doing the computation. Biased computation. Resulting in unnecessary payments and staff unhappiness Leave Leave is tracked using an Excel spreadsheet at HQ. Staff applies using paper forms. HR needs to collect these forms and update balance. Payroll Payroll is processed using MS Excel Payslips are issued on upon request Bank transfer are keyed in manually into the bank website The final draw, funds embezzlement! One of their HR staff was caught siphoning funds from other staff to her own account. Amount embezzled : 5 digit figure.

13 Case Study #1 - How did AGHRM help? Senior Management resource utilization monitoring Benefits Staff Clocks in/out Automatic Sync of data AGHRM a. Automate their HR processes Staff Clocks in/out Staff Clocks in/out PERSONNEL ATTENDANCE LEAVE PAYROLL Human Resource, Finance b. Standardise payment rules c. Stronger management control Automatic OT, Allowance computation based on predefined business rules Comprehensive payroll reports Audit trail Bank file generation

14 Staff Rostering

15 Overtime & Allowance Computation Flexible Rule configuration Common Types of allowances: Overtime Daily Weekly Shift Allowances Transport/Meal allowances Public Holiday Auto Lunch Hour Deduction Etc. Support rules for selected employee group

16 Overtime Approval

17 Payroll Reporting Summary Report Variance Report Reconciliation Reports Audit Reports Payroll Reports

18 Mobile Demo

19 What do we offer? Solutions Provides end to end HR management solutions Comply to payroll requirements in Singapore, Malaysia and Indonesia Setup and configure solutions based on customer requirements Train and support installations Services Manage employees information Process monthly payroll in Singapore and Malaysia Submit bank details Submit monthly CPF and annual IRAS reporting Assist in other claims (e.g. maternity, childcare, IR21, NS)

20 Our Solutions Price: $2,000 Employees: 20 Modules Personnel Payroll Leave(admin) Price: $3,400 Employees: 50 Modules Personnel Payroll Leave Claims Price: $5,001 & above Employees: 50 and above Modules Personnel Payroll Leave Claims Attendance Appraisal Supported grants: a. ICV -$5000 per voucher b. PIC 60% subsidy for cash option

21 Our Services Managed Payroll Services Packages starts from $300 per month Up to 10 employees

22 Overview HR Shared Services To help SMEs improve and optimisehr operational efficiency, SPRING Singapore has appointed a common pool of HR service providers to offer SMEs shared access to HR systems and services. Funding Support SMEs can receive funding support of up to 70% of qualifying costs including a. a one-time set up cost b. monthly subscription cost capped at 12 months Participating SMEs must commit to the subscription of these services for a minimum period of 12 months. *Reference channelnewsasia 22Apr2015

23 Questions Feel free to contact me, Steve Koh AGHRM W : E : steve.koh@aghrm.com M :