What Is Salary Revision? Factors & Tips for Effective Implementation
It’s easy to confuse salary revision with terms like a salary increase, increment, structure and the like, so what is salary revision? Salary revision involves modifying a pay structure, including all primary salary components — before paying salaries to employees within an organisation. This payroll modification is a broader term for comprehensively reviewing all salary […]
Pay As You Earn (PAYE) vs Direct Assessment Tax in Nigeria
Tax is imposed on persons either in employment or is running their small businesses under a business name or partnership. PAYE and Direct Assessment are ways of assessing individuals to tax in Nigeria. The Personal Income Tax Act (Cap P8 LFN 2004) is the legislation guiding the taxation of personal income in Nigeria. Under the […]
How to Create an Annual Payroll Budget for Your Company
Annual payroll budgeting focuses on manpower It tells you what staffing you need to help your company accomplish your desired objectives in the next 12 months and whether you have the money to accommodate them. Before the budgeting process, an organisation should have collected various kinds of data. From an HR perspective, the data needed […]
Doing Business in Nigeria: A Payroll Management Guide
Payroll Management in Nigeria — Delving into payroll management requires that we return to a few basics to appreciate the breadth of the discourse fully. So we begin with payroll itself… What Is Payroll? The financial records of an organisation’s employees’ salaries, wages, bonuses, allowances, and deductions are handled by payroll. It also refers to […]
9 Employment Laws in Nigeria that Sketch the Labour Landscape
Employment Law — Nigeria has become a leading business hub in Africa in recent years, making it attractive for international organisations interested in expanding. However, in establishing any organisation, employment contracts that abide by the country’s laws must be carefully drawn up and followed to the letter. In Nigeria, employment laws are primarily responsible for […]
11 Best Practices for Effective Payroll Management
Effective payroll management sits on a very tender spot between HR and finance, and as a result, it could be pretty complex. If you’re looking to optimize your payroll management process, it is essential to implement best practices to ensure you are fully compliant and save time, money, and energy. There are many payroll best […]
How to Do Payroll Reconciliation & Avoid Payroll Mistakes
No matter the size of the business, happy employees are crucial to business growth and development. And one critical factor that drives happiness is an employee’s remuneration. This is why payday is vital in an employee’s work-life. Prompt and accurate payment of salaries is one sure way to induce happy employees. What Is Payroll Reconciliation […]
5 Core Benefits of Using Payroll Software
Payroll is a business-critical operation for every organisation. However, regardless of business size, payroll processing can be rough, time-consuming and more complicated as the number of employees increases. This makes mistakes like entering incorrect data quite frequent, leading to miscalculations and, as a result, attracting non-compliance penalties. Addressing these challenges often involves switching from […]
Payroll System Requirements: An 8-Point Checklist
Experiencing frequent complaints about the payroll system in your organisation? Then you should realise that surely, something in the system isn’t working well. Regular payroll mistakes — for example — are signs that you should conduct frequent audits of the entire payroll process whilst you consider using or upgrading your payroll technology. A payroll solution […]
A Detailed Guide to Statutory Contributions in Nigeria
ARTICLES Table of Contents Summary National Housing Fund (NHF) National Health Insurance Scheme (NHIS) Personal Income Tax Pension Fund Industrial Training Fund Nigeria Social Insurance Fund Partner with us Summary In Nigeria, employers and employees are required to make statutory contributions to the government. These contributions are made to bodies like the National Pension Commission, […]
