We are recognised as authorities in our specialised fields. We publish newsletters with informed opinions that are free for you to subscribe to.
Check your pay slips!Pay slips are an important component of any payroll services. Also known as wage slips, paystubs or pay advice. Before the birth of the internet, emails, and the old wire transfer systems, pay slips were often provided to employees in a paper form along with their pay cheque. The pay slip was an acknowledgement of the value of an employee’s time to their employer. (I still remember receiving my first ‘paper’ pay slip from my first ever job). Soon enough, our ‘paper’ pay slips were phased out for an electronic delivery, and a greater emphasis has been placed on the importance of the information included in our pay slips, not only because of legislative changes, but also employee awareness around their rights to access payroll information. Since going digital, there has been an (unfortunate) increase in taxes, however, pay slips are far more detailed than before. It is easy to gaze over the numbers and focus entirely on what hits the bank, but it is important to keep track of and understand the additional information (for both employers and employees). Along with covering your salary / wages, pay slips (should) also explain where ‘leave’ balances are sitting, and the value of any holiday or other leave paid during the relevant pay period. This is a focus of many questions/issues from employees, payroll administrators, and employers.
So, what information should usually be contained in your pay slip?
- Name of employee, address and IRD number.
- The pay period of which the pay slip relates to
- Bank account number
- Remuneration rates based on an hourly wage / salary rate
- Tax code and amount of taxes paid to the government
- Kiwi Saver contribution rates if applicable
- Leave take, whether it be in the form of annual leave, sick leave, public holiday, bereavement leave or some other discretionary leave