Rikvin Offers Company Payroll Service 

by Voge Margietta Tuesday, November 30, 2010
Singapore prides itself on fairness in dealing with the labor price. Just as it values free trade, the city-state is also an advocate of free determination in wages. Such is evident in the Employment Act of Singapore in which a stipulation of a minimum labor wage is absent.

According to Rikvin, a private limited company constituted with providing payroll services as among its specializations, says that it is upon mutual understanding between employers and employees to lay the terms in remuneration including the amount of compensation, benefits such as allowances and overtime or holiday pay, and increase. Once it enters into a contract, the agreement becomes binding on both parties.

“Nevertheless, based on the mutual agreement, the employees should receive salary payment at least once a month,” adds Rikvin, “and it is not later than 7 days following the salary due.”

Under the Employment Act, deductions from salaries are not allowed, except in legitimate circumstances such as absence from work, salary advances and loans, damage and or loss of company-owned goods, and employer-supplied accommodation.

Rikvin continues its elaboration on the payroll subject saying, “the salary is calculated in 2 ways—as a basic and gross rate of pay.”

The basic rate of pay refers to the salary due a worker including the wage adjustments, increments, but excluding the allowances. It calculates the labor wage on a rest day or a public holiday.

On the other hand, the gross rate of pay includes all salary allowances and calculates the salary deductions due to absence from work and or the pay according to a termination of job contract.

Moving forward, all employees are expected to render their services not more than 8 hours a day excluding an hour break. The Ministry of Manpower states that the workforce should not be subject for 6 hours of continuous labor without a break.

Needless to say, the preparation for payroll service is not to be taken lightly. It takes into account besides the allowances, the hours of work and overtime, and the rest day including the public holidays. Also, depending on certain conditions, an employee’s salary is evaluated for government remittances such as an income tax.

It is not a wonder why many small, medium, and large business enterprises prefer to outsource the payroll undertaking. Many companies such as Rikvin offers payroll service to companies local and foreign.

Rikvin confides that once its service is employed, an account manager is assigned to a company to prepare the payroll of employees using state-of-the-art payroll software system to handle even the most complex payroll account.

When asked for an elaboration, Rikvin replies, “Derived from the information submitted to us, the account manager shall review, create, organize, and maintain the database for a payroll ledger.”

Apart from preparation, Rikvin also makes payments and submit the necessary payroll taxes.

About the Publisher:

Since its establishment in 1995, Rikvin has been serving hundreds of companies with payroll management service, which includes among others, salary calculation on a weekly, bi-monthly and monthly basis, salary payment by a bank cheque or bank transfer, registration and payment of
Central Provident Funds, and issuance of IR8A.

Among other services, Rikvin specializes in Singapore Company Registrar, Singapore Gst Services, registration of a new company, Singapore accounting service as well as compliance with statutory requirements like nominating a resident director.

The firm has successfully helped hundreds of foreign companies and individuals form a Singapore company.

For more information, visit:
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com

Rikvin provides Singapore Company Regisatration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.

General | Categories: financial, business
0    submitted by Voge Margietta
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