Introduction

vPay Payroll Simulator is a simple yet nifty application that lets you calculate instantly your employment cost, with breakdowns in deductions such as taxes and statutory payments

Glossary

EPF - Employee Provident Fund that manages compulsory savings plan and retirement planning

SOCSO - Social Security Organization that implements and administers social security schemes

EIS - Employment Insurance System intended to assist employees who lost their employment (financial assistance, training programmes and job-seeking assistance)

MTD - Monthly Tax Deduction where employers deduct monthly tax payments from income of employees

Rates used in calculation

1. EPF Employer contribution for income below Rm 5000.00 = 13%

2. EPF Employer contribution for income above Rm 5000.00 = 12%

3. EPF Employee contribution = 11%

4. SOCSO employer contribution = 1.75%

5. SOCSO employee contribution = 0.5%

6. EIS employer and employee contribution = 0.2%

Accuracy of vPay payroll suimulator calculations

1. MTD calculations depend on few factors, such as employee marital status, number of children, status of children's education level