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Payroll Management is the administration of the financial record of employees' salaries,
wages, bonuses, net pay, allowances and deductions. Payroll involves the calculation of
amounts due to the employees, such as hourly wages, a salary consists of a certain
amount per calendar period, or pay to salespersons on commission, as well as
reimbursement for employee-paid expenses such as travel, medical, education. The
payroll management service has become a vital part of any company to satisfy its
employees. Many banks now offer payroll processing services. It is user-friendly,
gainful, highly secured, less expensive, easier to get loans, and it takes less time to see
all information in one website when payroll accounts are opened in a bank. But it is a
matter of taking decision on whether to choose a bank for payroll service or a large
specialized firm. In Bangladesh, several banks are offering payroll services for the
employees working in different organizations. Having been considered Standard
Chartered Bank is one of few banks which offer a comprehensive set of benefits and
services to keep employees satisfied with their workplace. The bank is not only the
leading foreign bank of the country but also one of the few banks that have
revolutionized the banking service industry through adoption of modern technology and
process with a view to enhancing customer satisfaction. Payroll Management Services
is one of such technological advancements which are comprised of salary accounts,
interest rate on salary amount, loan facilities, credit card shopping and debit cards,
alternate banking etc. The popularity of payroll specialized services has been increasing
since its initiation in this country as a great number of companies have already been
registered with the bank and many more are coming up. |
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