If you’re a business owner, or an aspiring one, you should already be familiar with the changes to the Employment Act enacted early this year in April 2016.
Singapore practises annual tax filing (instead of monthly) for income earned during a calendar year i.e. 1 Jan to 31 Dec. Employers have to report the payments made to their employees through the IR8A form.
Despite the complexities (headcount, pay components, payment frequency, statutory requirements), a good payroll software can simplify tedious HR processes.
Tabled in Parliament on 13 July 2015, the proposed adjustments to the Employment Act will make it compulsory for employers to issue itemised payslips to their employees.