Payroll involves time consuming tasks that will need to be repeated every month. It is a non revenue generating function of your business, but needs to be handled on a timely and efficient way if you are to keep your employees motivated and happy.
Four reasons to outsource your payroll administration are:
The Employees’ Social Security (Amendment) Act 2015, tentatively due to come into force from 1st July 2016, increases the mandatory contribution from a monthly salary of RM3,000.00 to RM4,000.00. The maximum contributions by the employer and employee will also increase as follows: Employers from RM51.65 to RM69.15 Employees from RM14.75 to RM19.75 admin See Full…
Overtime is the number of hours an employee works in excess of normal hours of work per day. The total hours of overtime is limited to 104 hours per month excluding rest days and public holidays. Rates for overtime payment are as follows: Normal days : 1.5 times the hourly rate for each hour Rest…
Prime Minister Datuk Seri Najib Tun Razak announced, on 30th April 2012, the introduction of Malaysia’s first minimum wage that will cover employees in all sectors excluding those employed as domestic help. For Peninsular Malaysia, the minimum wage has been set at RM900.00 while that in East Malaysia and Labuan is RM800.00 The rates will…
Prime Minister Datuk Seri Najib Tun Razak announced an allocation of RM70 million to SOCSO for financial benefit payments that is said will benefit about 6.5 million private sector employees. Under this Employment Insurance Scheme (EIS) or Sistem Insurans Pekerjaan (SIP), employees will get temporary financial assistance to support themselves while they look for employment. This…
KWSP has made available the schedule of EPF contributions payable under the revised Employee contribution rate of 8% which is effective from March 2016. The schedule can be downloaded from here. Employers will continue to contribute 13%. Notis KWSP 17A Khas 2016 This is for employees who prefer to continue contributing 11% instead of the…
From January 2012, the Employers contribution for employees earning RM5,000.00 or less has been increased from 12% to 13%. Employees contributions remain at 11%, no change to the existing rate. Total monthly contribution to EPF would now be 24%, made up of 13% Employer contribution and 11% Employee contribution. For employees aged 55 and above,…