Payslip Malaysia Format For Payroll System Malaysia
Payslip malaysia format is a document which an employer provides to the employee as proof of salary according to payslip format in Malaysia. It contains all necessary the payslip format malaysia like the description of all income earned, exemptions, deductions and taxes cut from your salary.Â
Employers can share the payslip format with employees in paper or mail format. Both the type of payslips hold the same importance and validity.
However, most of us dispose a payslip format without giving it the due importance. Mainly, because all we want to know is the money we made and how much went to deductions of various types of payslip format Malaysia.
Importance of Payslip Malaysia Format According to Payroll System Malaysia
Manual and computerized payslip malaysia format is valid proof of document. Modifying an issued payslip is considered a criminal offense. So an employer has to ensure that employees will not be able to modify the payslip. For this purpose, payslip are generally given in PDF format.
- It acts as an important legal proof of employment
- You can avail loans, mortgage or other borrowings with the help of Payslip as it assures that their lending will be repaid.
- It is an important proof of income which helps you file income tax returns.
- Having a valid payslip helps you to access to various facilities provided by the government like medical care etc.,
- It helps in negotiating salary with new employers for better pay
Payslip Malaysia Format Component that Suits Payroll System Malaysia
Payslip Malaysia Format : Income
All the income, gains are located on the left side of the payslip malaysia format. Let us take a look at the different types of income below.
- Basic Salary
This is the basic and main component of income. The percentage of Basic differs from company to company. It is the basis for the calculation of various other components of the payslip. Basic is fully taxable. Â
- Dearness Allowance (DA)
Dearness Allowance should neither be high nor low. It is paid to reduce the impact of inflation on the employee. In some companies, DA is an optional head of salary.
- House Rent Allowance (HRA)
It is an allowance to pay out the house rent of the employees. Employees can claim exemption on this by submitting rent receipts Â
- Conveyance Allowance
It is an allowance for an employee to cover his / her expenses of travel from home to work and work to home. Â
- Other Allowances
There can be various other allowances according to the company policies. These can be uniform allowance, special allowance, city conveyance allowance, child education allowance etc.
- Reimbursement
Reimbursement can also be shown as income in the payslip of the employee. Reimbursements for fuel, medical and food coupon will come under this head.
Payslip Malaysia Format : Deduction
All the deductions are located on the right side of the Payslip Malaysia Format. Deductions can be statutory or based on company policy.
- Provident Fund (PF) – Statutory
It provides retirement benefits or savings to the employee. PF is calculated on (Basic+DA). Only employee contribution of 12% on (Basic+DA) can be seen in the payslip of the employee.
- Employees’ State Insurance (ESI) – Statutory
It provides medical facility to all eligible employees. The deduction towards ESI compulsory. Employee contributes 1.75% on gross salary.
- Professional Tax (PT) – Statutory
It is a tax collected by the state government from all salaried employees. PT depends on state to state government. It is calculated on the gross earnings of the employee. Gross earnings are the sum of all income.
- Tax Deducted at Source (TDS) – Statutory
The amount of tax deducted by the employer on behalf of the Income Tax Department from the salary of the employee.
Types of Payslip Malaysia Format
This is a simple payslip malaysia format you may use for your purposes. If you are small business owners where you are running your business with a small number of employees, you might find this useful since you can modify it to meet your own needs.Â
Payslip Malaysia must have a well professionally designed format with all features and details. Actually, this format had made in an easy to everyone for customization for individual use.Â
Now days, many companies are using payroll system which made by auto application / software generate and sending each employee on its email. But for small scale industry, it can be costly and unusual if make financial burden. Hence formatted Payslip is best option in this regards.
How to Get Payslip Malaysia Format
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