Payroll Parking

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Simplify HR with Payroll Parking/Employer of Record (EOR) Services in Singapore

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Accurate and timely payroll processing is crucial for both legal compliance and employee satisfaction. However, managing payroll, especially for businesses with complex structures or international operations, can be a significant administrative burden. Key challenges include ensuring regulatory compliance, managing employee benefits, handling onboarding and terminations, maintaining data security, and more. On top of that, managing payroll and HR administration can be time-consuming, taking you away from more strategic and pressing human capital matters.

If you're struggling with these challenges, Manpower Singapore can help. We offer both Payroll Outsourcing and Payroll Parking/EOR solutions, but it's important to understand the key difference. Unlike Payroll Outsourcing, where your organization retains employer status, with Payroll Parking, we become the legal employer, handling all compliance and administrative tasks, freeing you to focus on strategic initiatives. Not sure which service is for you? Read our in-depth guide to Payroll Solutions here.

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What is Payroll Parking/Employer of Record (EOR)?

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Payroll Parking, also known as Employer of Record (EOR), is a comprehensive solution where a third-party organization (like Manpower Singapore) becomes the legal employer of your workers, handling all payroll, taxes, and compliance requirements.

The service provider handles all essential employment-related functions, including:

• Comprehensive Payroll Management: From calculating salaries and deductions to generating payslips and disbursing payments, the Payroll Parking/EOR service provider manages the entire payroll process, ensuring accurate and timely payments in strict adherence to Singapore's local regulations.

• Full Legal Compliance: The Payroll Parking/EOR service provider is responsible for staying up-to-date on Employment Act changes and adhering to statutory obligations like minimum wage, overtime, and employment taxes to ensure all aspects of employment comply with Singapore’s labor laws. This encompasses drafting compliant employment contracts, administering employee benefits, managing taxes, and adhering to all other legal requirements, mitigating your risk of non-compliance.

• Seamless Tax and Benefits Administration: The Payroll Parking/EOR service provider takes care of all tax filings, including income tax, CPF contributions, and other mandatory deductions. Furthermore, depending on the details of the agreement, this can include employee benefits administration, encompassing enrollment, ongoing management, and compliance with agreed-upon benefits packages, such as health insurance, retirement plans, and other employee perks.

• Streamlined Onboarding and Offboarding: The Payroll Parking/EOR service provider handles the complete employee lifecycle, from onboarding new hires (including background checks, contract creation, and benefits enrollment) to managing terminations and redundancies in full compliance with local employment regulations.

• Work Permit and Visa Facilitation: For international hires, the Payroll Parking/EOR service provider assists with obtaining and maintaining necessary work permits and visas, navigating the complexities of immigration procedures to ensure legal employment status.

Benefits of using Payroll Parking/ Employer of Record (EOR) service

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There are many benefits to engaging a reputable provider like Manpower Singapore for Payroll Parking services or Employer of Record (EOR) services. Here are just a few:

• Reduced Administrative Burden: Free up your internal resources and focus on core business activities. This allows you to dedicate more time to strategic initiatives, business development, and revenue generation, rather than getting bogged down in administrative tasks.

• Access to Payroll Expertise: Benefit from the knowledge and experience of payroll specialists, ensuring your payroll is handled accurately and efficiently, minimizing errors and potential penalties.

• Compliance Expertise: Ensure adherence to complex labor laws and regulations, minimizing legal risks, ensuring your business remains compliant and avoids costly penalties or legal issues.

• Minimized Liability: Transfer employment-related liabilities to the Payroll Parking/EOR service provider. By becoming the legal employer, the service provider assumes responsibility for employment-related risks, providing you with a layer of protection and reducing your potential liability.

• Scalability: Easily adapt your workforce as your business needs change without the administrative overhead of managing payroll and compliance for fluctuating employee numbers.

• Improve Global Reach: Expand your business internationally without the complexities of setting up local entities. Leveraging on Payroll Parking/EOR allows you to easily hire and manage employees in different countries, simplifying international expansion and eliminating the need to establish separate legal entities in each location.

• Improved Data Security: Leverage robust security measures to protect sensitive employee data. Payroll Parking/EOR service providers typically have security protocols and technology to safeguard your employee data, ensuring confidentiality and compliance with data privacy regulations.

• Cost Savings: Reduce overhead costs associated with payroll software, staff training, and compliance management. Outsourcing your payroll and HR administration can significantly reduce your operating costs by eliminating the need for expensive payroll software, specialized staff training, and ongoing compliance management.

Why choose Manpower

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Manpower Singapore is a leading provider of payroll parking and EOR services in Singapore. We have a proven track record of helping businesses of all sizes mitigate compliance risks, simplify employment administration, reduce costs, and improve efficiency in managing their workforce through our tailored Payroll Parking/EOR solutions. Here are just a few reasons why you should choose Manpower Singapore for your Payroll Parking/EOR needs:

• Deep-Rooted Expertise: Benefit from ManpowerGroup's decades of experience as a global leader in HR services, including deep regulatory knowledge and expert handling of complex HR administration and payroll tasks.

• Global Compliance Expertise: Ensure adherence to complex local labor laws and regulations worldwide, minimizing legal risks.

• Global Reach: Our extensive network ensures compliance with local labor laws worldwide, facilitating seamless international expansion.

• Risk Management: Mitigate risks with our liability reduction, insurance, and bond offerings.

• Avoid Legal Penalties: Our expertise helps you proactively address compliance issues and minimize financial risks.

• Technology-Driven Approach: Leverage our advanced technology for efficient processes, robust data security, and seamless integration.

• Enhanced Security: Protect sensitive employee data with our robust security measures.

• Efficiency and Flexibility: We offer specialist support and efficient processes for streamlined operations, along with scalable solutions that provide the flexibility you need to adapt to changing business requirements.

Ready to streamline your HR and reduce risk? Get in touch with us for a free consultation.