Okay, let's get down to business and then finish the year in style. There are a few things that need to be done mandatorily by this month's 31st.
Top of this list is the task to ensure that all workers have taken advantage of their paid leaves by the end of this year or make them check their leave balance on the Time & Attendance portal accordingly. To remind all workers of the same, an all-employee contact must be sent by Payroll or the HR feature. This exercise would enable Payroll, depending on the company's HR policy, to decide if the unavailed leave balance will be carried forward to next year or to require workers to encash or require it to lapse. Paid leave for the Company is equal to cash outflow and hence it is necessary to complete this exercise.
Payroll will then keep the systems ready to assign the next year's leave quota to all workers on January 1 along with any leave balances carried forward by workers.
Another fairly significant legislative enforcement operation this month is the Workers Welfare Fund (LWF) deduction and remittance. That state has approved its own amount of deduction to be taken from the contribution of workers and employer, as well as the returns to be filed.
Many organizations launch their investment submission proof exercise in the month of January to allow workers sufficient time to apply their documentation and tax exemption claims. Large or medium-sized organizations, in anticipation of large quantities of documents and records, tend to implement this early. Therefore, placing the systems to active test is the best time to determine that they can withstand both stress and volume. So check to see that not only are all apps working perfectly, but they are also easily compatible with the new rules and regulations. Prepare an employee correspondence as best in class practice in order to clearly identify the list of appropriate documentation and help that will be needed as proof of investment. It would also be a good idea to provide a step-by - step guide on how to use the portal 's functionality to assist first users, newest joiners or others who are not familiar with the procedure.
If your organization reports to a U.S. or European-based parent corporation, it is possible that you will have a year-end plan (calendar) to prepare and send by the end of this December or by the beginning of January. Start your payroll account reconciliations right away and make sure you have your plans ready to reduce both reporting stresses and payroll phase this month.
Have a fantastic year-end which is totally compliant then.