Release Date: 18 March 2024 (Monday)
Version: 1.10
This document outlines the compliance updates and enhancements introduced in Financio Payroll version 1.10 to ensure your payroll system aligns with the latest regulations in Singapore and Malaysia. We strive to continuously improve your payroll experience by simplifying compliance and minimizing potential penalties.
This Compliance Update is to applies to:
Financio Payroll (Essential) | Financio Payroll (Premier) |
YES (√) Singapore: Leave and OT Calculations Malaysia: SST 8% Invoice |
YES (√) Singapore: Leave and OT Calculations Malaysia: SST 8% Invoice |
Version 1.10 Updates for Singapore:
A. Greater Flexibility and Control over Payroll Calculations for Salary, Overtime, Paid/Unpaid Leave Calculations
The latest update to Financio Payroll (v1.10) empowers you with more control over your payroll calculations. You can now define salary, overtime, and paid/unpaid leave calculation methods directly within the Settings > Timesheet Policy screen.
Kindly find the attached Settings > Time-Sheet Policy table to define calculation methods based on your needs for the following items:
Financio Payroll Component | Calculation Method |
Eligible Days (incomplete month service) | Calendar Days or Working Days |
Overtime | Calendar Days or Fixed Days or Working Days |
Outstanding Annual Leave | Calendar Days or Fixed Days or Working Days |
Unpaid Leave | Calendar Days or Fixed Days or Working Days |
These settings will be applied during the monthly salary calculation process, ensuring greater flexibility and precision in your payroll.
For more details, click here.
Version 1.10 Updates for Malaysia:
Updated SST 8% Rate for Subscription Invoices
Effective 1 March 2024, the SST charged on our invoices to you will reflect the new rate of 8%. This change is mandated by the Federal Government Gazette Order P.U. (A) 64 Service Tax (Amendment) Order 2024, gazetted on 26 February 2024.
You can download your invoice with the latest format from Settings > Subscription > Payment tab.
We are confident that Financio Payroll Version 1.10 will empower you to take control of your finance and payroll with greater efficiency and precision.
Should you have any questions or require further clarification, please do not hesitate to contact Financio Support.
Thank you for using Financio Payroll!
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