UOB launches systemised payroll solution for small firms

To help them deal with Employment Act amendments.

United Overseas Bank Limited has unveiled a new payroll solution to make it easy and cost-effective for small businesses to meet key amendments to the Singapore’s Employment Act.

The UOB Payroll Service, which comprises a UOB Business Banking operating account and HREasily payroll software, allows small businesses to pay their employees in a few steps using UOB Business Banking. It also ensures that small companies are compliant with the amended Employment Act.

The changes to the Act require small businesses to issue itemised payslips and key employment terms, and to maintain detailed employment records. 

As most small business owners currently issue payslips manually, the service allows small firms to save at least 40% in payslip management costs, UOB said.

The UOB Payroll Service is free for the first three months for UOB Business Banking customers and starts from S$30 per month for small businesses with five or fewer employees.

The service is available to current and new customers.