Recurring Payments with PayrollPanda
Recurring payments are regular and consistent payments that are added to an employee’s payroll as part of their compensation package. These payments can be set to occur on a monthly, bi-weekly or weekly basis.
Generally, these payments include:
- The wages paid to an employee, usually expressed as an annual salary or hourly wage
- Pay for overtime hours worked in a week
- Bonuses for performance or holidays
- Allowances for travel, meal, accommodation etc.
- Commission payments based on performance metrics
- Incentives and awards
- Deductions for taxes such as taxes, social security, pension contributions, health insurance, and other benefits
Automating recurring payments with a payroll software allows for timely and accurate payments, reduces administrative burdens and minimizes errors in record-keeping. Moreover, payroll software can help ensure compliance with Malaysian labor laws, tax regulations and other statutory requirements.
Learn more about managing recurring payments for employee payroll in Malaysia with PayrollPanda with the poster below.
