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Anonymous

07 Jun 2019

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Are there any official steps required to issue annual bonus to employees (tax filing, recording on CPF)?

Hi, I'm currently managing HR in a small company that doesn't have any procedures in place. Tried researching online but it seems confusing and I don't want to make any mistakes on it.

Based on your experience, how does a company issue an annual bonus to employees? Can we just GIRO the amount to the employees or must we go to any website to officially record the disbursement of bonus? E.g. Must we officially record anything on the CPF website?

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YT

07 Jun 2019

tl;dr: Bonuses needs to be (1) written in pay slip, (2) kept in a record and (3) paid accordingly under AW for CPF

" ... all employers must issue itemised pay slips to employees covered by the Employment Act" and "pay slips must include the items below, unless an item is not applicable. " KET(Key Employment Terms): https://www.mom.gov.sg/employment-practices/sal...

Bonuses are considered Additional Wages (AW) and are subject to CPF contributions. The amount of AW which attracts CPF contributions is capped at the AW Ceiling, and can be computed using CPF Additional Wage Ceiling Calculator:https://www.mom.gov.sg/employment-practices/sal...

"...all employers must maintain detailed employment records of employees covered by the Employment Act"

https://www.mom.gov.sg/employment-practices/emp...

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