Singapore has nearly 4 million people in the active labor force. The Inland Revenue Authority of Singapore (IRAS) requires timely payment of salaries, social contributions and statutory deductions. Furthermore, the Singaporean laws require all locally registered companies to contribute to various funds for the employees and to perform periodic filings. Our Singapore Payroll Services are designed to keep things simple. We give you peace of mind that your company is in compliance with salaries and required payments.
We help you track all the leaves and overtime hours filed during the month. These information are eventually part of the payroll and are indicated on the payslips. Leave and overtime tracking can happen manually or through software. Don’t have an HR Management Software? We can also help on that.
We perform the heavy duty work for the payroll computation. After computing all salaries, we email electronic payslips to your employees. Also, we create a GIRO file for electronic bank payments, and manage all your historical payroll data.
We perform all the statutory payment and contributions on your behalf. Typically payments are usually for IRAS, Central Provident Fund (CPF), Foreign Worker Levy, etc. With your approval, we perform all relevant payment and filings to keep your company in compliance.
What are Singapore Payroll Statutory Contributions?
Typical statutory contributions under Singapore law include a variety of filings and payments. However, not all contributions are applicable to all companies. Our Singapore Payroll Services experts will discuss with you and decide what contributions are required, according the type and category of employees working in your company.
- The Central Provident Fund (CPF) is a mandatory savings and pension plan. The CPF funds are usually consumed for medical treatment, housing loans and retirement needs. CPF contributions are required for all Singaporean citizens and Permanent Residents (PR) in singapore.
- The Eurasian Community Fund (ECF) is a fund designed to help out low income Eurasians in Singapore. Employees belonging to the Eurasian Community (Singapore Citizens and PRs) can contribute to these funds via a salary deduction from their employer.
- The Chinese Development
Assistance Council (CDAC) Fund is designed to support programmes for the Chinese Community. Employers need to deduct CDAC contributions from wages Employees refer to Singapore Citizens and PRs belonging to the Chinese community. It is possible for an eligible employee to opt-out from CDAC. - The Singapore Indian Development Association (SINDA) fund provides help to the Indian community of Singapore. This contribution is for employees in the Indian community but is not compulsory.
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The Mosque Building and Mendaki Fund (MBMF) is a compulsory contribution for all employed Muslims in Singapore, inclusive of Singapore Citizens, PRs and foreigners. The Mendaki Funds finance social and education programmes for the Muslim community.
- The Skills Development Levy (SDL) is a training fund for Singaporean companies. Eligible companies may send employees for skills training. The SDL contribution is mandatory for all employees, full-time or part-time, and also includes foreigners.
- The Foreign Worker Levy (FWL) is a mandatory contribution for companies employing certain categories of workers under specific classes of Work Permits. These contributions are mandatory as long as such Work Permits are in effect.
How to get started?
Our Singapore Payroll Services are simple and easy to setup. We usually get things started in 3 easy steps:
- Understand your current payroll process (if any) and gather data about your current company and employees.
- Define a standard process for payroll computation, data sharing and approval process.
- Onboard your employees in our system and start processing!
Our Singapore Payroll Services experts can walk through our easy onboarding process and answer all your questions.
Frequently Asked Questions
- I am a small company and I do not have an HR management software ? What do I do ? We work with customers both big and small. We accommodate companies with or without an HR management software and we setup processes that fit simple or more complex companies.
- How do you guarantee the accuracy of computations? We use a payroll system to compute all contributions and salary details. The software is up to date with the latest IRAS requirements and we guarantee accurate computations.
- How do you charge for the service? We charge our Singapore Payroll Services based on the number of employees to process. Please talk to us to get a quotation.
- Can you make payments and filings on behalf of my company? Yes, we can, provided you grant us permissions with IRAS. This is a simple process and we can set this up at the beginning.
- Can you process the payroll through the bank ? Yes, we can setup the payment request with your bank. All you need to do is approve it. Then, we will email the payslips to all your employees.
- Besides Payroll, I may need help with Accounting. Can you help? Sure, please check out our Singapore Accounting Services.
Contact Us
Singapore Payroll Services are rendered via iScale Solutions Singapore Pte. Ltd., based in Singapore.