Payroll management refers to the administration of employees’ financial records including salaries, wages, bonuses, deductions, and net pay. It entails the collection of payroll data, computation, disbursement and reporting of employees’ salaries and related statutory deductions. It also involves registration with various regulators in relation to statutory payroll-related obligations, such as contributions with respect to pension, industrial training funds, employees compensation scheme, national housing funds, etc.

National Housing Fund (NHF) contributions also potentially impacts employees’ net salary, and is often a major point to consider in payroll management. Attracting and retaining highly competent staff therefore demands proper planning and efficient payroll management by organizations.

At OLC we help in payroll management services of our client to improve the employee engagement and maintain regulatory compliance.

Without an efficient method of paying employees and calculating and filling taxes, companies run the risk of government penalties.