Revision: 5466fc960f
Edited ByondHR Payroll Management
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Additionally, both the employer and the employee contribute to the payroll. This contribution is deducted from the employee's gross salary, and it includes various statutory deductions, including:
-<table class="table table-bordered"><tbody><tr><td data-row="row-3586"><strong style="font-size: 16px; color: rgb(68, 68, 68);">Contributions</strong></td><td data-row="row-3586"><strong style="font-size: 16px; color: rgb(68, 68, 68);">Descriptions</strong></td></tr><tr><td data-row="row-7s9u"><strong style="color: rgb(68, 68, 68);">Social Security <font>Organization</font> (SOCSO)</strong></td><td data-row="row-7s9u"><span style="color: rgb(68, 68, 68);">Contributions towards social security benefits, including medical and disability coverage for employees.</span></td></tr><tr><td data-row="row-z1q0"><strong style="color: rgb(68, 68, 68);">Employees Provident Fund (EPF)</strong></td><td data-row="row-z1q0"><span style="color: rgb(68, 68, 68);">Mandatory savings scheme where a portion of the employee's salary is contributed towards retirement savings.</span></td></tr><tr><td data-row="insert-row-below"><strong style="color: rgb(68, 68, 68);">Employee Insurance Scheme (EIS)</strong></td><td data-row="insert-row-below"><span style="color: rgb(68, 68, 68);">Contributions made to provide employees with financial assistance in the event of job loss or retrenchment.</span></td></tr><tr><td data-row="row-3586"><strong style="color: rgb(68, 68, 68);">Human Resources Development Fund (HRDF)</strong></td><td data-row="row-3586"><span style="color: rgb(68, 68, 68);">Contributions towards employee training and development initiatives aimed at enhancing skills and competitiveness.</span></td></tr><tr><td data-row="insert-table"><br></td><td data-row="insert-table"><br></td></tr></tbody></table>
+<table class="table table-bordered"><tbody><tr><td data-row="row-3586"><strong style="font-size: 16px; color: rgb(68, 68, 68);">Contributions</strong></td><td data-row="row-3586"><strong style="font-size: 16px; color: rgb(68, 68, 68);">Descriptions</strong></td></tr><tr><td data-row="row-7s9u"><strong style="color: rgb(68, 68, 68);">Social Security <font>Organization</font> (SOCSO)</strong></td><td data-row="row-7s9u"><span style="color: rgb(68, 68, 68);">Contributions towards social security benefits, including medical and disability coverage for employees.</span></td></tr><tr><td data-row="row-z1q0"><strong style="color: rgb(68, 68, 68);">Employees Provident Fund (EPF)</strong></td><td data-row="row-z1q0"><span style="color: rgb(68, 68, 68);">Mandatory savings scheme where a portion of the employee's salary is contributed towards retirement savings.</span></td></tr><tr><td data-row="insert-row-below"><strong style="color: rgb(68, 68, 68);">Employee Insurance Scheme (EIS)</strong></td><td data-row="insert-row-below"><span style="color: rgb(68, 68, 68);">Contributions made to provide employees with financial assistance in the event of job loss or retrenchment.</span></td></tr><tr><td data-row="row-3586"><strong style="color: rgb(68, 68, 68);">Human Resources Development Fund (HRDF)</strong></td><td data-row="row-3586"><span style="color: rgb(68, 68, 68);">Contributions towards employee training and development initiatives aimed at enhancing skills and competitiveness.</span></td></tr></tbody></table>
All of the mentioned Salary Component has preset into your ByondHR system, You can add the components into your salary structure as per your company payroll setup.