Hiring An Employee? Here Are Top Things A Payslip Should Contain

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Credit: https://gearheart.io/articles/how-to-develop-a-web-based-employee-scheduling-software/

Hiring an employee and wish to produce a payslip every week? It’s good to know the format of the payslip in order to provide the correct one for compliance. If you have been hired and entered into an employment agreement, a payslip becomes a must.

Payslips are these are useful tools (whether on paper or electronic) to make sure that you and your employer have the same understanding of how the pay is made up. If you don’t get a payslip or it doesn’t have enough information, you can ask your employer to write down the things you want to know.

You can ask your employer to show or give a copy of your wages and time records, and holiday and leave records (which your employer must keep). These records will show you your pay rate, hours worked and how much you were paid, as well as your holiday and leave information. If there is anything you don’t understand, you can ask your employer to explain it to you. You should be aware that leave and holiday balances are sometimes shown in weeks, days or hours.

The list below has some of the things your payslip might contain, though all the fields are not essential.

The Essentials
Name or employee number
Address
IRD number
Bank account number
Pay date
Pay period
Annual holiday balance (entitled) / (accrued)
Sick leave balance
TOIL balance (Time Off In Lieu)
Alternative holidays balance
Leaves & Balances
Pay for sick leave taken
Pay for bereavement leave taken
Pay for alternative holidays taken
Pay rate
Allowances
Bonuses/ commissions/ piece rates
Deductions
Pay for annual holidays taken
Pay for public holidays (worked and unworked)
My 8% instead of annual holidays (if relevant)
Reimbursements
Gross pay
Net pay
YTD gross pay
YTD net pay
Hours worked
The total hoursworked
The days and hours worked each day
Pvertime hours
Penal rate hours
Hours worked on public holidays
Annual holidays taken
Sick leave taken
Bereavement leave taken

 

(Edited for Startupanz. Courtesy & Source: Employment NZ)