This document consists of a list of words relating to the Payroll module with its definitions:
Allowance - Monetary value paid to employees on top of their Basic Pay and are usually CPF payable. This is different from the staff’s Basic Pay. Allowances include Transport Allowance, Meal Allowance, etc.
Basic Pay/Basic Salary - Basic Pay is the payment that an employee receives for work rendered.
Benefits-in-kind - Benefits in kind are benefits which employees receive from their employment but which are not included in their salary. They include things like company cars, private medical insurance paid for by the employer.
Bonus - An amount of money added to wages on a seasonal basis, especially as a reward for good performance.
Company Registration Number - Unique Entity Number issued by ACRA upon registering the company in Singapore
Claims - Usually refer to staff benefits, for e.g. medical, dental benefits, etc. These are non-taxable most of the time
Chinese Development Assistance Council (CDAC) Fund - The CDAC Fund is used to fund CDAC’s programs and assistance schemes to help the students, workers and families from the lower income groups overcome their challenges and achieve social mobility. This is mandatory for both SG citizens and PR. Staff may choose to opt-out by submitting the opt-out form to CDAC
Commission - a fee paid to an employee for transacting a piece of business or performing a service
Central Provident Fund (CPF) - The CPF is a mandatory social security savings scheme funded by contributions from employers and employees.
Confirmation Date - Normally, the date that a staff has completed his/her probationary period.
Joined Date - The date that the staff joined the company.
Deduction - Amount taken out from the staff’s pay. This can include CPF, SHGs, No Pay Leaves taken.
Eurasian Community Fund (ECF) - Singapore Citizens and Permanent Residents belonging to the Eurasian community are required to contribute to this Self-Help Group (SHG).
Foreign Identification Number (FIN) - A unique identification number issued to all foreigners who are residing / studying, working and staying in Singapore.
Gross Salary - Combination of all CPF payable items in the staff’s pay information
Ministry of Manpower (MOM) - The Ministry of Manpower is a ministry of the Government of Singapore which is responsible for the formulation and implementation of labour policies related to the workforce in Singapore.
Mosque Building and Mendaki Fund (MBMF) - The MBMF is applicable to all working Muslims in Singapore – regardless of race and nationality, which includes permanent residents and foreign workers.
Net Pay/Net Salary - The amount that an employee will receive after all taxes and contributions have been deducted