Global Payroll for Hong Kong Business Processes

Global Payroll for Hong Kong supports the following business processes:

• Inland Revenue Reporting.

  This feature satisfies the requirements of the Hong Kong Inland Revenue Department (IRD). Features include the ability to capture, generate, and maintain both employee and company identification and biographical data that support the reporting requirements of the Hong Kong Inland Revenue Department (IRD).

  PeopleSoft provides you with the ability to create a flat file that complies with Hong Kong Inland Revenue Department requirements for the submission of electronic files. A Global Payroll core application process creates the output using a file layout object that has the same structure as that of the electronic file expected by the IRD of Hong Kong. Before you generate, review, and print Inland Revenue forms and reports, you can set up additional report data. Employee departure details, housing and quarters details, and employer details are required for specific Inland Revenue reports. You can also associate multiple payroll accumulators with report elements and allocate starting sheet numbers. After you set up and generate the data required for Inland Revenue reporting and generate those forms, you can review the results and maintain available fields. The IR56 Inquiry component enables you to view and amend the generated IR56 data.

• Mandatory Provident Fund.

  This feature supports the administrative and reporting requirements of Mandatory Provident Fund (MPF) administration and maintenance and provides support for both employee and employer payments to a nominated fund in accordance with the calculation of eligibility rules for MPF legislation. These deduction rules cover legislative MPF requirements such as permitted period processing, age eligibility, and the contribution holiday rule. The system accommodates MPF exemption rules and limits by enabling you to define casual employees for MPF contributions, exclude specific employees from MPF calculations and apply maximum and minimum limits to MPF contributions.

  MPF reports such as the Remittance Statement and Employee New/Terminated Report enable you to manage your contributions. You can also set up recipient MPF commission and scheme details for your MPF reports.

• Payslips.

  The design of the payslip feature enables you to create and control payslips that display the data that you want, where you want it and in the format that you want. You can override templates at lower levels, so you do not have to create multiple templates to cover every payslip scenario that you may have.

• Payroll Reporting.

  In addition to the reports delivered with Global Payroll, the Hong Kong country extension comes with a set of reports to support business requirements. Reports included in the country extension are:

  • Payroll Register

  • Reconciliation Report

  • Pay Component Register

• Absence and Termination.

  Global Payroll for Hong Kong delivers predefined rules for processing absence payments, such as annual leave, long service leave, sick leave, maternity leave, and jury leave. We also deliver rules to calculate absence entitlements on termination, including rules for the payment of unused annual leave, 13th month payment, outstanding deduction recovery, severance, and long service. You can modify many of these rules to reflect absence and termination policies that are specific to the organization or to labor agreements with employees.

  To demonstrate how Global Payroll can process typical absence requirements in Hong Kong, PeopleSoft provides 8 absence entitlement elements and 10 absence take elements.

• Banking and Recipient Processing.

  This feature supports net payment (employee salary) direct deposits and recipient payments using the electronic file (HSBC) format used by the Hong Kong and Shanghai Corporation Bank. Global Payroll for Hong Kong generates electronic file outputs to credit employee salaries and reports this data to the recipient. The Global Payroll banking process brings together payroll data, pay entity source bank data, and payee or recipient bank data. The EFT file creation process extracts data compiled by the banking process according to the content you want in the EFT file that you are creating, merges it with data provided by the Hong Kong country extension and creates the file for transmission.