What is Payroll?
Payroll is the process by which a company pays its employees for the work they have done. This includes calculations of employee compensations, bonuses, commissions or other benefits.
Payroll outsourcing in Hong Kong is to hire another company to handle tasks in paying employees in compliance with the Employment Ordinance and relevant regulations.
1. Calculation of employee salaries and wages (Payroll processing)
Payroll outsourcing providers in Hong Kong can help businesses accurately calculate employee salaries and wages. These are according to the employment contract and relevant laws and regulations. This includes calculating gross pay, factoring in overtime pay and other benefits. They are also ensuring the accuracy and legal compliance of payroll calculations.
2. Maintenance of employee records
Payroll outsourcing providers can help businesses maintain accurate and up-to-date employee records. These include personal information, employment contracts, and tax-related documents. It’s also involve tracking and managing employee leave entitlements, such as, sick leave and annual level. Payroll Outsourcings may use some time and attendance management systems to accurately record work hours and calculate relevant payments.
3. Issuance of pay slips and direct deposits
Payroll outsourcing providers can generate and distribute pay slips to employees and also facilitate direct deposit payments to their bank accounts. This ensuring that the pay slips are accurate and compliant with local laws and that direct deposits are made on time and to the correct bank accounts.
4. Compliance with statutory requirements
Payroll outsourcing providers can also help businesses comply with various statutory requirements related to payroll processing, such as filing tax returns and making mandatory contributions to government schemes like the Mandatory Provident Fund (MPF), Occupational Retirement Schemes Ordinance (ORSO) and Employees’ Compensation Insurance (ECI). This includes ensuring that all necessary fillings and contributions are made on time and in compliance with local laws, and that all the relevant documents are properly maintained.
Overall, payroll outsourcing in Hong Kong can help businesses save time and resources by allowing them to focus on their core operations, while ensuring that their payroll processes are accurate and compliant with local laws and regulations.
How Can Fastlane HR Help For?
Fastlane HR offers employer services related to payroll processing, compliance with employment laws, such as minimum wage and overtime rules, employee benefits administration, such as managing health insurance plans, Professional Employer Organization service (PEO) , and Employer of Record (ERO) services. By outsourcing these services to Fastlane HR, businesses can save time and resources and ensure accurate and efficient handling of their payroll and compliance needs.
Please feel free to contact us if you need help. We are waiting for you.