The gathering of employee information before the employee is being hired is the first step in starting the payroll process. For the companies who are operating in Hong Kong, the collection of employee information is relatively simple. Some of the facts about the payroll slip Hong Kong have been discussed in this article.
The importance of the payroll slip in Hong Kong
- The payroll slip mainly helps in income tax planning. The salary mainly contains different components such as basic, medical allowance, HRA, transport allowance, etc.
- Proof of employment: This document mainly serves as the legal proof for the employment. At the time of applying for a visa or to executive programs at different universities, one may have to submit copies of their payslip.
- The payroll slip is also required at the time of applying for a loan.
- For availing further employment, one needs this slip.
The basic structure of the payroll slip in Hong Kong
- The employee information, which mainly includes the name of the employee as well as the employee number.
- This includes the monthly base salary. This part includes the additional remuneration, awards, bonus, and commission. This also includes the overtime payment.
- This also includes the leave and absence payments. Under this, there is payment for the holiday as well as the annual leave payment.
- Lastly, this includes the social contributions.
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