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Release Note - version 1.8

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Faith Lee
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Release Date: 22 December 2023 (Friday)

Version: 1.8

This document communicates the important compliance updates and enhancement to ensure your payroll system adheres to the latest regulations in Singapore. We are committed to streamlining financial management for our valued users, and these updates will help you stay compliant and avoid potential penalties.

This Compliance Update is to applies to:

Financio Payroll (Essential) Financio Payroll (Premier)
YES (√) YES (√)

 

Version: 1.8 Compliance Update (Singapore):

With effective from 1 January 2024, Singapore is to impose:


(A) CPF Ordinary Wages Ceiling Changes:

  • Example: The monthly salary ceiling for CPF contributions will be gradually increased from $6,000 to $8,000 by 2026. The upcoming increase will take effect on 1 January 2024, with the ceiling rising to $6,800.
  • This change will affect the amount of CPF contributions required from both employers and employees.
  • Refer here: for calculation details.

     Kindly find the attached image for your reference:

(B) CPF Rate Changes:

  • Example: The CPF contribution rates for senior workers (aged 55 and above) will be adjusted with earnings more than S$750 per month. The new rates aim to strengthen their retirement adequacy, takes effect on 1 January 2024. The table below summarizes the changes.
  • Financio v1.8 is updated to meet the compliance for your ease, this update applies to below CPF scheme:
    • SPR 1st year under Full Employer & Graduated Employee (F/G)
    • SPR 2nd year under Full Employer & Graduated Employee (F/G)
    • Singapore Permanent Residents (3rd year onwards)
    • Singapore Citizens

Kindly find the attached image for your reference:

 

Features Enhancement (MY & SG):

Enhancement (1):

Key Enhancements (1): Financio Payroll (Essential) Financio Payroll (Premier)
Add (+) Payslip Generation Options:

 

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Payroll Admin is given an option to generate:  
  • Detail Format Payslip:
    • Layout with General Detail Information
  • T-Format Layout Payslip (new):
    • Income & Deduction information is illustrated side by side
  • Upon format selection, user is able to view, download, publish or send it via email.
  • The payslip format option needs to be selected when generating the payslip.
Note:
  • This additional feature is created to suits to our valuable existing ABSS Payroll user to ensure a smooth transition. Even better.

 

Kindly find the attached image for your reference (to select payslip format):

 

Kindly find the attached image for your reference (SG - T-Format Payslip):

 

Kindly find the attached image for your reference (MY - T-Format Payslip):

We are confident that Financio Software Version 1.8 will empower you to take control of your finance and payroll with greater efficiency and precision.

 

Need assistance? Contact Financio Payroll Customer Support Team or email to us.

 

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