The administration of calculating, preparing and submitting employee compensation and statutory benefits payments and reports.
Key Activities:
- Calculating pay amounts accounting for wages, incentives, deductions and more.
- Remitting taxes, insurance premiums and retirement contributions on schedule.
- Compiling payroll reports for auditing and compliance purposes.
Example:
An outsourced PEO handles the complex payroll needs of a multinational conglomerate with over 500 staff globally.
Significance:
Accurate processing ensures workers receive rightful income reliably while unburdening employers from liable legislative responsibilities. It fosters satisfied staff and sustainable business practices overall.