Efficient payroll helps employees develop trust with a company.
Efficient payroll helps employees develop trust with a company and increases motivation and productivity. Payroll is a necessity in every business but is also a legal requirement. Employers in Saudi Arabia have obligations during the payroll process, such as social security contributions. The General Organization for Social Insurance (GOSI) requires employers to make contributions and the Wage Protection System (WPS) is a regulatory framework that must be adhered to by employers.
GOSI, a semi-governmental agency, is focused on social insurance. GOSI implements social insurance rules, collects employer contributions and pays benefits to the entitled persons. It offers contributors compensation due to work-related injury or illness, payment for retirement or having to leave work temporarily or permanently due to work-related physical incidents. It is applicable to all private sector employees, Saudi national and expatriates, and a group of public sector employees.
The Wage Protection System (WPS) is in place to ensure the security of private sector employees, both Saudi nationals and expats, in receiving their wages fairly. The WPS ensures that private sector employees are paid their wages in a timely manner and according to what was agreed upon in the initial contract. The wages must also correlate with what’s registered in the GOSI system.
GOSI calculations are mandatory for companies operating in the Kingdom. This requires companies to ensure that their reports are kept diligently and regularly updated and completed to the legal requirements.
What we do
- Full payroll cycle
- Wage protection system (WPS)
- GOSI calculations
- Pay slips
- Bonus, overtime and incentive management
- Benefits administration
- Reimbursement processing
- Leave management
Payroll outsourcing covers computing employees’ pay, issuing payslips, additional payments and deductions, depositing salary into employee bank accounts and handling document preparation, GOSI and ensures that you are kept compliant with WPS regulations.
Outsourcing payroll to a payroll provider will ensure that your employees receive their wages on time and that you remains compliant. Outsourcing payroll saves companies time, reduces operating costs, provides relief from administrative tasks, avoids risk of fraudulent activities and provides 100% transparency throughout the process.
Your payroll provider will provide your company with payroll management reports including a payroll register, compensation and salary analysis report, pay-run variance report, payroll accrual, paid leave summary and status reports, G/L reports and paid leave trial accrual reports. This will ensure that your targets and budgets are kept to and give your company relevant data to inform your decisions.
Payroll outsourcing provides your company with security, experience and scalability. Your payroll provider will have a security plan to prevent a breach of data and with their experience, they are able to ensure that all measures are taken to protect your company and its’ data. Additionally, payroll outsourcing allows companies to scale faster without worrying about the payroll aspect of their business.