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Payroll Product

1. Description of Payroll

Payroll product is convenient to pay the salary to a staff of a company via the banking system without carrying cash or paying in cash to the staff. The payroll system will transfer the salary of the staff into their bank account every month according to the date the company provides to the bank.

2. Benefits of the Payroll Product
  • The company will make the payment of salary to the staff in a convenient way
  • The company does not have to make the payment in cash to the staff
  • The company does not have to spend time on counting the cash to a number of staff
  • The bank will transfer the salary to the staff’s bank account every month on the date given by the company
  • The staff can withdraw the money and use the ATM cards for the withdrawal any time they want
  • The staff can use any services on the ATM
3. Fees of the Payroll
  • Fee for salary payment: LAK 2,000 per account
  • ATM card issuing fee: LAK 30,000/card
  • ATM card using fee: LAK 3,000/month

(Update 07/07/2018)

4. Documents required to open the account of the company and staff who will make the payment of the salary

Documents required to open the company’s bank account

  • Business license
  • Tax payment receipts
  • Letter of authorized person in making the payment

Documents required to open the staff’s bank account:

  • Staff’s ID card
  • Documents specifying the staff’s belonging to the company, ID card, family book or passport
Copyright Phongsavanh Bank 2018