HR RELATED CALCULATION

Get Started. It's Free
or sign up with your email address
HR RELATED CALCULATION by Mind Map: HR RELATED CALCULATION

1. Employee Provident Fund (EPF)

1.1. compulsory employee savings scheme for post-retirement year (Section 43(1), EPF Act 1991

1.2. All remuneration in money

1.2.1. Either contract of service or apprenticeship

1.2.2. Bonus or allowance payable

1.3. But does not include:

1.3.1. Service charge Overtimepayment Gratuity or retirement benefit Retrenchment or termination benefit

1.4. Membership is compulsory for:

1.4.1. All Malaysian employees working in private sector Public sector employees (certain cases)

1.5. Membership is voluntary for:

1.5.1. Foreign employees Domestic servants Self-employed persons

1.6. Who should contribute

1.6.1. Malaysian

1.6.1.1. All employees in Malaysia (16 years above)

1.6.2. Non-Malaysian

1.6.2.1. 1 AUG 1998, all foreign workers and expatriates earning less than RM2,500 per month

1.7. EPF ACT 1991

1.7.1. 41(2) of the Act 1991

1.7.2. 45 (2) of the Act 1991

1.8. How to register

1.8.1. Submitting the KWSP 1 Form

1.8.2. Forms to be Filled

1.8.2.1. KWSP 3 (AHL) Form

1.8.2.2. KWAP 4 (AHL) Form

1.9. Withdraw the EPF contributions

1.9.1. Age 55 years

1.9.2. Death of the member

1.9.3. Physical or mantel incapacitation

1.9.4. Expatriate foreign workers

1.9.5. 0n leaving Malaysia permanently

1.10. Retirement withdrawal scheme

1.10.1. Lump sum withdrawal

1.10.2. Periodical payment withdrawal scheme

1.10.3. Annual dividend withdrawal scheme

1.10.4. Annuity scheme

1.11. Social security systems

1.11.1. Reduce financial stress in the event of loss or reduction of income

1.11.2. Protect income when people face

1.11.2.1. Unemployment

1.11.2.2. Post-retirement accident or serious illness

1.11.2.3. Childbirth

1.11.2.4. Death of income earner

1.11.3. SOCIAL SECURITY FORPOST-RETIREMENT •Voluntary savings & investment •State provided pensions •Employer provided pensions •Joint employer employee contribution saving schemes

1.12. SOCIAL SECURITY FORPOST-RETIREMENT •Voluntary savings & investment •State provided pensions •Employer provided pensions •Joint employer employee contribution saving schemes

2. Social Security Organization (SOCSO)

2.1. insurance scheme

2.2. Who contract a work-related disease receive compensation

2.3. CONTRIBUTOR

2.3.1. Public workers

2.3.2. Salary RM 3000 and below

2.3.3. Malaysian workers and permanent residents

2.4. INSURANCE

2.4.1. Periodical payments in the case of invalidity

2.4.2. Periodical payments in the case of disablement suffered

2.4.3. Periodical payments to the dependents of an insured person

2.4.4. expense on the death of an insured person

2.4.5. Medical treatments for the attendance

2.4.6. Periodical payments to dependent of an insured person who dies while in receipt of invalidity pension

3. Human Resource Development Fund (HRDF)

3.1. 1% of the Gross Salary

3.2. Skim Bantuan Latihan (SBL)

3.2.1. Annual Training Plan SME On-The-Job Training Retrenched Workers Training Purchase of Training Equipment and Setting- Up of Training Room

3.3. MANPOWER BUDGETING

3.3.1. fund allocates to all HR processes enterprise-wide

3.3.2. HR budgets use the following from every department

3.3.3. incredibly complex yet essential document to determining a company’s future HR activities

3.3.4. INTERSTS

3.3.4.1. prevents over hiring

3.3.4.2. helps organizations understand their staffing needs

3.3.4.3. prevents understaffing

3.3.4.4. aids in attracting top talent

3.3.4.5. helps create a plan for satisfying talent and, thus, reduces turnover

3.3.5. COMMON STEPS TO MAKE HR BUDGET

3.3.5.1. Review historical financial performance

3.3.5.2. Choose a budgeting strategy

3.3.5.3. Analyze real-time performance data

3.3.5.4. Get a comprehensive view of how finance impacts operations

4. DIFFERENCES

4.1. WAGES

4.1.1. Salary Overtime payment Commission payment for leave, sick, annual, rest day, public holidays, maternity and others allowances, shift, incentive, housing, food, cost of living and others. Payments paid at an hourly rate, daily rate, weekly rate, task or piece rate

4.2. NOT WAGES

4.2.1. Annual bonus Statutory fund for employees gratuity Payments or claims for mileage Dismissal or retrenchment