Are you ready for mandatory payslips in 2016?
Companies once again need to realign to government statutory requirements on human resource management, this time, on the matter of providing itemised payslips (electronic or printed), and making key employment terms known to employees within 14 days of employment.
This after authorities tabled further revisions to the Employment Act in Parliament earlier in July.
The amendments also mandate company HRs to keep records of all past and present workers.
These new requirements could only mean one thing: additional administrative costs.
Previously, small and medium enterprises (SMEs) managed to stall the implementation of this new requirement, citing the very same reason on cost impact, but the Ministry on Manpower asserts that issuing itemised payslips and KETs will provide employees security and assurance about their regular salary components as well as main employment terms and benefits.
So the question is, are you ready to comply with this new requirement?
AG HRM Helps Your Company Comply With Mandatory Issuance of Itemised Payslips
Fortunately, HR solutions like AG HRM offers you the capability to create comprehensive and flexible pay elements database for your employees.
- Managed Payroll Services
AG HRM’s Managed Payroll Services module ensures that payroll preparation is done quickly, accurately and efficiently so you can pay your staffs on time. Managed Payroll Services also ensures your payroll is constantly aligned to changing government and banking regulations through the AG Pay module. The AG Pay module is fully integrated with AG Leaves, Claims, Timesheet and Attendance, taking away the tedious work of payroll computation off your shoulders, so you can focus on growing your business.
- HR Cloud
AGHRM HR Cloud solutions enable your HR to keep accurate records of your employees, including personal particulars, banking information, family details, career and salary progression, and yes, KETs.
It also has a self-serve feature that enables employees to access and view electronic copies of their itemised payslips anytime, anywhere.
Even before the issuance of itemised payslips and KETs became mandatory, AG HRM already has these capabilities as part of it comprehensive HR solutions.
If your company is already subscribed to AG HRM, then complying with the new government requirement will bear no impact on your administrative cost.
The question is, how about for companies that are not yet subscribed to AG HRM? What would the cost be like? Are any of the government support schemes for businesses claimable when subscribing to AG HRM solution?
The answer is YES.
Here are two ways you can claim government support to bring AG HRM solutions to your business.
SMEs can Access AG HRM’s Managed Payroll Services Through SPRING Human Resource Shared Services and Get Up To 70% Subsidy
SPRING Human Resource Shared Services has gathered a pool of HR services providers from which SMEs can access shared HR systems and services, including employee data administration and payroll processing. AG Net, the maker of AG HRM, is one of the HR services providers among SPRING Singapore’s pool of providers.
SMEs can receive funding support of up to 70% on qualifying costs, including one-time set up cost and monthly subscription cost capped at 12 months.
For more information on how you can qualify, read more from SPRING Singapore’s website. The important thing to note is that this government support is available until 30 April 2016, so go ahead and check your eligibility to receive this support while the offer lasts.
SMEs Can Get Their Own Payroll System With $5000 Support Claimable Through the SPRING ICV Voucher
If you feel that getting your own payroll system instead of accessing shared HR services will boost your business growth more, no problem. You can also access AG HRM payroll solution which is claimable through SPRING Innovation Capability voucher.
ICV vouchers support SMEs who desire to bring significant productivity improvements to their operations. The voucher is valued at $5000 and can be used for hardware, software solutions and training, and design and renovation which are geared towards developing your capability through innovation.
You can use up to eight vouchers, with each ICV project completed before applying for the next voucher. Projects should be completed within six months.
SPRING has not indicated an expiry of the ICV voucher program. If you need help defraying the costs of your own payroll and HR solution, check your eligibility for ICV and submit your application.
Ag Net, the maker of AG HRM HR solutions, is an appointed ICV integrated solutions provider.
With these resources on hand, you can avoid the penalty of non-compliance to new government regulations and manage your HR better. Backed by our team of payroll specialists, take the headache of payroll management and government compliance away, and focus on what matters more: growing your business. Contact us our representatives and bring AG HRM to your business today!