Revision: e3a4c410f1
Edited ByondHR Payroll Management
Restore Revision
@@ -4,7 +4,7 @@
2. Create new Salary Structure (optional)
3. Create Salary Structure with Salary Components (Earnings and Deductions)
4. Assign Salary Structures to each Employee via Salary Structure Assignment
- •5. Generate Salary Slips via Payroll Entry.
+ 5. Generate Salary Slips via Payroll Entry.
### Payroll Period
Payroll Period, in ByondHR, is a period for which Employees get paid for their occupation with the Company. Payroll period helps you define Tax slabs applicable for the period, making it easier to manage changing laws.
@@ -13,4 +13,18 @@
This document allows you to define each Earning and Deduction component which can be used to create a Salary Structure and subsequently create Salary Slip or Additional Salary. You can also configure the type, condition and formula as well as other settings which are discussed below. You should be able to enable various combinations of the following options to configure each component as it fits your Company / Regional policies.
### Salary Component in Malaysia
-The payroll system in Malaysia is broadly similar to a lot of countries. The primary components of an employee’s salary in Malaysia include basic pay, allowances, perquisites, overtime, and incentives. Besides, both the employer and employee contribute to the payroll, which is deducted from the employee’s gross salary.
+The payroll system in Malaysia closely resembles that of many other countries. It consists of various components that make up an employee's salary, including:
+
+ • Basic Pay: The fundamental salary amount earned by an employee.
+ • Allowances: Additional payments provided to employees for specific purposes, such as housing, transportation, or meal allowances.
+ • Perquisites: Non-cash benefits provided to employees, such as medical benefits or company-provided accommodations.
+ • Overtime: Additional compensation for hours worked beyond regular working hours.
+ • Incentives: Performance-based bonuses or rewards given to employees for achieving targets or meeting specific goals.
+
+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 deductionsm, including:
+
+ • Social Security Organisation (SOCSO): Contributions towards social security benefits, including medical and disability coverage for employees.
+ • Employees Provident Fund (EPF): Mandatory savings scheme where a portion of the employee's salary is contributed towards retirement savings.
+ • Employee Insurance Scheme (EIS): Contributions made to provide employees with financial assistance in the event of job loss or retrenchment.
+ • HRDF (Human Resources Development Fund): Contributions towards employee training and development initiatives aimed at enhancing skills and competitiveness.
+