Payroll Management refers to the management of employee’s overall financial records such as salaries, bonus, wages, retirement funds, deductions and net pay. It consist of performing detailed payroll calculations as per the contract between employee and the company and as per company norms regarding facilities provided to all the employees. Likewise, based on prevailing income tax laws, the tax deductions for every employee is computed and returns are filed against it.
In case of Payroll Management in Nepal, these records must be maintained and retained by the employer as per the requirement of Labour Act 2074. On time payment of remuneration of the employees not only impacts their morale but all depicts the financial stability of the organization.
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