Payroll Management

Payroll Management in Singapore

Preparing salaries in a timely manner is important for all companies because the Singapore Employment Act requires companies to pay exact amounts of salary to their employees within 7 days after the end of the salary period. In addition, there is also the need to provide payslips (with the appropriate details and amount) to all employees.

However, many companies do not have the necessary expertise to prepare the salaries in the correct manner and thereby run into the risk of getting penalised by the government for wrongful or inaccurate computation of salary, deductions or CPF contributions. Small companies (SMEs) also find it difficult to engage a full-time in-house Payroll or HR Personnel when they have less than 10 staff, as it increases their operational and administrative costs.

Find out more on why you should outsource your payroll.

Fee Guideline for Payroll Management

Basic Payroll Management
1 – 3 staffs  Base Fee of $100 + $30 per person
4 – 6 staffs  Base Fee of $100 + $24 per person
7 – 10 staffs  Base Fee of $100 + $22 per person
Above 10 staffs  Base Fee of $100 + $20 per person
One-time Payroll Services
One time payroll setup fee
(including registration of client company onto IRAS AIS Program)
$100 one time fee
CPF Account Registration $100 one time fee
Preparation Of IR8A
(for clients not under AIS)
$100 per staff
Preparation Of IR21 * $250 per staff

Our Basic Payroll Management Service provides the following:

  • Calculating employees’ gross salaries on a monthly basis. This includes:
    • Basic Salary of each employee
    • Additional allowances and benefit payment
    • Additional Expense Reimbursement
    • Bonuses and AWS payment.
    • Other forms of employee payment, as prescribed by the company.
  • Calculation of the statutory CPF deductions and online CPF submission before the required dateline.
  • Generating the Monthly Payroll Summary File to your management
  • Generating the Individual Payslip for your employees.
  • Generating the Bank Payroll File to upload onto the Internet Banking Platform for payment. (Subject to client subscribing to an HR Cloud solution)
  • Registering client company onto the IRAS Auto Inclusion Scheme (AIS)

Additional Optional Services (with incremental fee)

  • Assisting with salary disbursements via cheque or direct bank transfers
  • Preparing Year-End Personal Tax Form (Form IR8A) for all staff (For clients who are not under the AIS Scheme)
  • Filing of Tax Clearance for foreign employees (Form IR21)

How Timcole can Help You

With the help of our professional HR services, the painful effort associated with your payroll processing will be eliminated.

Timcole has a team of HR/payroll specialists that can provide you with the best practices and compliance support for all your Human Resource needs. We also use sophisticated cloud payroll software to accurately process all the payroll data in accordance with the latest statutory policies and requirements in Singapore. Therefore, you can focus on your main business without worrying about computation errors or paying any statutory contributions (e.g. CPF) late. Our Payroll Service ensures that:

  • Your salary computations are accurate
  • All salary information are kept with the strictest confidentiality
  • You comply with all required statutory requirements