SINGAPORE - With the help of a new payroll service launched by United Overseas Bank Limited (UOB), small businesses can meet key amendments to the Singapore's Employment Act.
The service will enable businesses to issue itemised payslips and key employment terms to employees, UOB said in a statement on Tuesday (Dec 1). It will also allow them to maintain detailed employment records, it said.
These will be required of firms from April 1, 2016, onward by the Ministry of Manpower (MOM), so as to help employees better understand how their salary is calculated. Such measures would also inform employees of their employment terms and benefits, MOM said on its website.
The UOB Payroll Service, can help UOB Business Banking customers save at least 40 per cent in payslip management costs, UOB said in a statement. It consists of a UOB Business Banking operating account and a payroll software.
It is free for the first three months for UOB Business Banking customers and starts from S$30 a month for small businesses with five or fewer employees.
Mr Mervyn Koh, executive director and country head of Business Banking Singapore at UOB, said the service was a "cost-effective way to... take the hassle out of issuing itemised payslips manually and reduce both error rates and manpower costs".
Ms Ang Seow Lian, an entrepreneur who owns three businesses and UOB Business Banking customer, said the UOB Payroll service allowed her to comply with the key ammendments "at a fraction of the cost of hiring another person". Ms Ang owns Perfect Deco, Perfect Decoration and Alibaba Eatery.