APAC Payroll Training

APAC Payroll Process Training

Thailand PF - Introduction and reconciliation

Thailand - Monthly PF Reconciliation for New Hires

What is provident fund?

 Provident fund ("the fund") is a fund set up voluntarily between the employer and employees. Assets of the fund consist of money contributed by both employer and employees, which means, not only employees save for their retirement, employer also helps them adding to the fund. The contribution to be made by employer shall always equal the rate of the employee’s savings or higher.

Contributions from the employees and employers can range from 2% to 15% of the monthly salary with specific condition that the employer’s contribution cannot be less than the employee’s contribution. Therefore, setting up of a provident fund can be regarded as a kind of benefit so as to motivate employees to work with the employer.

Provident fund not only provides a tool for employees to save concurrently with the employer’s assistance, assets of the fund are further managed by a professional fund management called "Asset Management Company (AMC)." The benefits derived from management are distributed to members of the fund proportionately. 

PF Report

Monthly Thailand PF Report 

As part of the payroll process, we have to have the monthly PF Report created and the new hire employees added to the list. You can view the steps involved in creating the PF Report listed below: 

  1. Open the PF Report for the previous month and copy the template. 
  2. Use Vlookup function in Excel to compare the data from current month Pay register to the previous month's PF report using Employee ID as identifier. 
  3. Any results without data from previous month refer to the new hires or employees who were not paid in the previous month. 
  4. Do not delete the employees that appear with N/A in results. 
  5. Replace N/A with 0 
  6. Update the Pay period 
  7. Use Excel VLookup function to identify the payment amounts for all employees' PF Amount (Employers and Employees)
  8. Match the total amount in the PF Report against the PF amounts in the Payroll register. 

PF Report Submission

PF Report submission

The Employee PF contribution is voluntary and can start at any point during their employment with the employer. 

However, the PF payment has to be made to the fund trustee appointed by the employer within three days after the pay day. 

Mentioned below is the Honeywell PF report and payment submission process:

1. Once the PF report is generated and updated after the Payroll run has been confirmed, it has to be sent to the HR Operations team contact person (Bubpha Hunsakul) 

2. The report will be used by the HR Operations team to remit the payment with the PF fund trustee. 

3. Once the payment is made, HR Operations team will share the payment confirmation and receipt with Payroll team. 

Quiz

What is the minimum PF Contribution rate for setting up EE and ER Contributions?

  • 2%
  • 15%
  • 5%

Quiz

Who is responsible for handling the PF fund and investment? 

  • Government
  • AMC
  • Employer

Quiz

What are the steps involved in the monthly PF report preparation?

  • Open the PF Report for the previous month and copy the template.
  • Use Vlookup function in Excel to compare the data from current month Pay register to the previous month's PF report using Employee ID as identifier.
  • Use the previous month Payroll Register and compare it with the current month Payroll Register.
  • Delete any results with N/A in the VLOOKUP results.
  • Do not delete the employees that appear with N/A in results.
  • Replace N/A with 0 and update the pay period.
  • Have the PF report prepared in the template with the Employee ID information only.
  • Use Excel VLookup function to identify the payment amounts for all employees' PF Amount (Employers and Employees)
  • Match the total amount in the PF Report against the PF amounts in the Payroll register.

Quiz

Which team is responsible for making the PF payment?

  • Payroll Team
  • C&B Team
  • HR Ops team
  • Finance Team

Quiz

How soon should the PF payment be made to the PF Trustee?

  • By end of month
  • Within three days from Pay day
  • By 1st of next month

Malaysia - Rewards and Recognition Award for Penang entity

Rewards and Recognition - Penang Entity

R&R Awards

We have an existing R&R (Rewards and Recognition) Award program available for the employees in Malaysia Penang entity similar to the R&R awards program in the other Malaysian entities. 

However, as an additional step, the R&R award information requires to be submitted to the Finance team every month for the Penang entity. This is done to:


This SOP will assist to lay down the steps involved in having this report generated, formatted and shared with the Finance team. 

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