Oracle to Add Payroll Support for India
Oracle Cloud HCM expands its global footprint to support built-in payroll for 10 countries
AUSTIN, Texas, Aug. 4, 2021 /PRNewswire/ -- Oracle today announced that it plans to add support for India to Oracle Fusion Cloud Payroll, part of Oracle Fusion Cloud Human Capital Management (HCM). This new offering is intended to help make it faster and easier for local and multinational companies to pay workers in India while allowing customer to follow local regulations and practices. With the addition of Payroll for India, Oracle Cloud HCM will provide built-in payroll support for a total of 10 countries including Canada, China, Kuwait, Mexico, Qatar, Saudi Arabia, United Arab Emirates, United Kingdom, and the United States.
India is one of the largest business markets in the world with nearly 500 million workers. There is a significant opportunity in the country for a major cloud-based payroll option that integrates directly with a complete HCM system. Companies with employees in India currently rely on expensive, outdated systems or third-party vendors to pay their employees in accordance with complex local regulations around taxes, overtime, and minimum wage. Managing payroll through these workarounds can be cumbersome and slow, resulting in more work for HR teams and delays in getting workers paid.
Oracle Payroll for India is intended to give HR teams the tools they need to hire and pay workers in India. It is planned to include key enhancements to meet the needs of the local market, such as the ability to calculate taxes based on locally recognized tax systems, consideration of common local allowances and deductions, and recognition of wage rate regulations across all of India's 36 states and union territories.
Payroll for India is expected to provide the following benefits to organizations:
- Reduced Manual Processes: By integrating directly with Oracle Cloud HCM, Payroll for India can automatically use the most up to date information about an employee when calculating their payroll. HR and payroll teams will no longer need to spend extra time or effort ensuring that information is synchronized between the systems.
- Enhanced Workforce Insights: By using the same data as the core HR system, Payroll for India can include payroll data alongside other HR data such as skills, demographics, and performance. This will give organizations a more comprehensive view into talent insights to guide strategic decisions such as how many workers to hire with a specific skillset or whether to change benefits offerings.
- Robust Security: By using the built-in security available in the Oracle Fusion Cloud Applications suite, Payroll for India will help protect personal information stored in the system without introducing additional risks by having to share sensitive employee data with outside applications.
"Oracle's customer-first mindset drives an ongoing commitment to deliver new features and functionality that meet the needs of our rapidly expanding customer-base. Many of India's largest employers use our cloud HR software, so we're delivering new offerings that are specific to India to help customers grow their business," said Chris Leone, senior vice president of development, Oracle Cloud HCM. "With Oracle Payroll for India, organizations in India will be able to gain new insights into their workforce while improving the accuracy, efficiency, and local compliance of payroll."
See here for more information about Oracle Payroll: https://www.oracle.com/human-capital-management/payroll/
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