1. When should you outsource your payroll process?
Outsourcing payroll processes lets professional payroll service providers handle all your payroll, and even possibly HR-related tasks. Doing so frees up resources for more strategic tasks that can ultimately affect a company ’ mho bottom line, as repetitive tasks will no longer require hours of attention from a company ’ s key management .
When considering outsourcing a payroll process, companies should examine their home resources. What is my in-house capability ? Is my hour staff conversant with local tax and labor laws ? Does my payroll contain confidential information that I ’ five hundred rather my internal teammates in HR not be privy to ? If any of these questions make you consider outsourcing your payroll, then possibly it is time to do so !
2. What are the benefits of using cloud-based / online payroll software?
Cloud-based / on-line payroll software offers a divers stove of benefits not normally found in traditional payroll systems. very simply, users of a cloud-based payroll software can enjoy price advantages, increased efficiency, improved fiscal control and can devote more clock time and resources to business driving activities.
3. What is our fee for payroll services?
FastLane charges a frame-up and monthly action fee in accordance with our clients headcount. Employees will only be counted towards the head count when they are onboarded. Payroll, MPF calculations, tax administration and relate off-boarding / end point file services are included in our monthly fee. early advisory fees are based on pay back tip quotations on a individual basis .
4. What is an Employee’s Compensation Insurance (“ECI”)?
Under Hong Kong ’ randomness Employees’ Compensation Ordinance ( “ ECO ” ) , no employer shall employ any employee unless the company has an insurance policy in topographic point to cover any potential injuries or liabilities incurred in respect of all their employees. Employers who fail to comply with the ECO to secure an policy overlay are liable to a maximum finely of HKD 100,000 and captivity for two years.
According to the Hong Kong Labour Department, employers should follow the minimum insurance cover when taking out employees ’ recompense policy :
|No. of Employees||Amount of Insurance Cover per event|
|not more than 200||not less than HKD100 million|
|More than 200||not less than HKD200 million|
As it is the employer ’ sulfur responsibility to ensure that adequate coverage is available for their employees ’, it is recommended to notify an insurance company when developments or issues arise.
What is the process of obtaining Employee’s Compensation Insurance (ECI)?
According to session 40 of the Employee ’ s Compensation Ordinance, Companies should prepare their ECI before hiring any employees. Companies should consult a number of ECI issuers for a modify ECI .
After decided the policy provider, companies can prepare the following items to fasten the procedures :
- A detail resolution on the annual earnings and job duties of individual employees ;
- The usual shape locations of employees ;
- A specific number for those who are required to work outside Hong Kong or take abroad business trips ;
- A specific list for any work that is sub-contracted to subcontractor and stating clearly whether the employees of the subcontractor are covered by the policy
After taking out employees ’ compensation indemnity policy, the employer is required to display, in a conspicuous set on each of his premises where any employee is employed, a poster in both English and Chinese, showing the details of the policy .
How can FastLane help with ECI registration?
FastLane is a professional firm that offers a wide range of corporate and HR outsource services for your occupation starting in 2013. We can provide our experience and expertness to ensure that businesses do not need to dedicate excessive resources to find the best ECI course of study and handle the adjustment process. We make the process easy to manage which allows our clients to focus on their cardinal revenue-driving activities .
5. How do I enroll in an MPF scheme?
According to the MPFA, both full-time and half-time employees are covered by the MPF system and it is the employer ’ s duty to enroll their employees in an MPF scheme within the first 60 days of their employment. To do so, employers should consult the MPFA ’ s List of MPF Approved Trustees for qualify MPF schemes. The employer, upon selecting one or more of the MPF schemes available on the market, should offer them to their employees.
freelance individuals must besides enrol themselves into an MPF scheme within 60 days after becoming freelance. however, exempted persons are not required to do so.
6. What is Hong Kong’s stance on health insurance and how do I enrol my employees in one?
Unlike ECI which is mandatary in Hong Kong, health indemnity is not. The decision on whether or not to provide employees with health indemnity lies with the employer. Despite not being mandatary, the huge majority of Hong Kong businesses provide health policy to their employees, though the level and extent of the coverage varies greatly. Health policy plans can be purchased for a group of individuals from providers .
Hong Kong health indemnity schemes broadly provide coverage for the follow categories :
- Hospital / Inpatient
- Worldwide evacuation
7. What advisory services do you provide for employers?
When building and managing a team, Hong Kong employers must take into circumstance the versatile regulations surrounding employment. We recognize that staying up to date with Hong Kong ’ s continuously developing statutory employment requirements is a fourth dimension consume and boring task. FastLane can provide updates on any regulative developments and can advise on how best to navigate and adhere to your commercial enterprise ’ employer responsibilities.
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8. Do you assist in work visa applications?
The FastLane Group can assist clients in applying to the various visa schemes offered by the Hong Kong Government. We have obtained extensive experience assisting entrepreneurs, start-ups, and SMEs in the visa application work. If you require aid navigating the complex visa process, FastLane can offer guidance to improve your casual of a successful lotion .