The Payroll Executive is responsible for managing and processing the payroll of employees within the organization. This role involves maintaining accurate records of working hours, salaries, tax deductions, and compliance with statutory regulations. The Payroll Executive ensures that employees are paid accurately and on time, and that all relevant deductions, reimbursements, and benefits are calculated correctly.
Key Responsibilities:
1.
Payroll Processing:
o Process monthly payroll for employees, including calculation of salaries, bonuses, overtime, and deductions (tax, provident fund, insurance, etc.).
o Ensure timely and accurate disbursement of salaries to employees.
o Maintain payroll records and update them regularly with changes in employee status, new hires, promotions, or terminations.
2.
Statutory Compliance:
o Ensure compliance with Indian labor laws and statutory requirements such as Income Tax (TDS), Provident Fund (PF), Gratuity, Professional Tax, Employee State Insurance (ESI), etc.
o Coordinate with auditors for audits related to payroll and statutory compliances.
o Filing of statutory returns (e.g., ESI, PF, PT, and TDS) and ensure payments are made timely.
3.
Taxation & Deductions:
o Calculate tax deductions based on applicable income tax laws and exemptions.
o Prepare and issue Form 16 for employees.
o Address any tax-related queries from employees.
4.
Benefits and Reimbursements:
o Administer employee benefits such as leave encashment, medical reimbursements, travel reimbursements, etc.
o Ensure proper accounting and processing of employee reimbursements.
5.
Employee Queries and Communication:
o Serve as a point of contact for employees regarding payroll-related inquiries.
o Resolve issues related to payroll discrepancies, tax calculations, deductions, and other payroll matters.
6.
Record Maintenance:
o Maintain employee payroll records, leave records, and other employment documentation as per legal and organizational requirements.
o Ensure data privacy and security by adhering to internal policies and legal requirements.
7.
Reports and Documentation:
o Prepare and submit reports related to payroll, tax deductions, provident fund contributions, and other payroll metrics.
o Assist in preparing reports for management as required, including cost analysis and payroll trends.
8.
System Maintenance:
o Maintain the payroll software and ensure proper data entry.
o Work with HR and IT teams to implement payroll-related system upgrades and improvements.
9.
End of Service Benefits:
o Calculate and disburse final settlements for resigned or terminated employees.
Ensure proper documentation of all exit formalities related to payroll.
Qualification:
Bachelor's degree in Commerce, Finance, or related fields.
Certification in payroll management (e.g., from IPPFA, NIPM) would be an added advantage.
Preferred:
Bachelor's / Master's degree in Commerce, Finance, or related fields.
Work Experience/ Competencies:
2-4 years of experience in payroll processing and statutory compliance in a corporate setup.
Basic understanding of accounting principles and financial reporting.
Special Hands On:
Proficiency in MS Excel (Advanced), payroll software or systems.