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What is Payroll?
Payroll is the sum total of all compensation a business must pay to its employees for a set period of time or on a given date. It is usually managed by the accounting department of a business; small-business payrolls may be handled directly by the business owner or an associate. Payroll can also refer to the list of employees of a business and the amount of compensation due to each of them. It is a major expense for most businesses and is almost always deductible as such. Payroll can differ from one pay period to another due to overtime, sick pay and other variables.
Payroll is a basic necessity for any business – you have to pay your employees, make the correct deductions and file taxes. However, most of the business owner are not aware of their responsibility under Malaysia rules and regulations. Some of the common rules and regulations that employers need to comply during payroll computation are:
- Workman’s Compensation Act 1952
- Children and Young Persons (Employment) Act 1966
- Factories and Machinery Act 1967
- Employment (Restriction) Act 1968
- Employee Social Security Act 1969
- Employee Social Security General Rules 1971
- Employees Provident Fund Act 1991
- Occupational Safety and Health Act 1994
- Income Tax (Deduction from Remuneration) Rules 1994
- Employment Act 1995
- Human Resources Development Act 2001
- Minimum Retirement Act 2012
- Minimum Wages Order 2016
- Employment Insurance System Bill 2017
It is highly important to deal with legal and corporate governance-related matters on a timely basis to avoid unfavourable legal consequences and penalties. Understanding the needs of business owners and entrepreneurs in terms of meeting legal and corporate compliance requirements, and the possible seriousness of the consequences at stake. For instance, ensuring the monthly compulsory contribution of EPF, SOCSO, EIS, PCB, etc., are accurately calculated and timely deposited to the respective accounts is highly important to prevent unnecessary legal consequences such as penalties by the relevant authorities. With our outsourced payroll service, you can better manage your Human Resource matters. From tabulation of the compulsory monthly contributions to the generation of salary slips or payslips, as well as yearly remuneration statement for private employees (EA Form) etc.
Why outsource your payroll function to us?
Clients choose us because they can migrate payroll confidentiality at the same time, we help them administer compliance among government bodies such as Employees Provident Fund (EPF), SOCSO and Inland Revenue Board (IRB). It also loosens up a lot of clients’ administrative resources from month end processing payroll.
Our payroll outsourcing is based on the number of employees, type of employees (local/foreign), the complexities and frequencies of payroll processing.
The scope of work generally encompasses
- Processing payroll based on relevant information and instruction provided by client
- Facilitating payment of salaries within stipulated tight deadline (optional)
- Facilitating payment of EPF, SOCSO, PCB and other contributions within strict deadline
- Providing payslip to employees
- Provide payroll summary reporting
- *Generating EA form for employees after conclusion for each year calendar period