Payroll software firm launches long-service leave compliance tool
Yellow Canary has developed a compliance tool for calculating long-service leave entitlements for employees.
Workforce compliance software provider, Yellow Canary, has launched a long service leave compliance tool, which will enable large organisations to calculate LSL entitlements for their employees, utilising automation.
With long-service leave compliance relying upon a complex interplay between state-based legislation, industrial instruments, the National Employment Standards, and sometimes internal policies, this new long-service leave tool aims to be a unique solution for employers.
The technology reviews pre-existing employee data, such as employee records and pay slip data, and assesses them against the rules outlined in relevant state legislation, enterprise agreements and if necessary, pre-modern awards.
The technology then calculates the long-service leave balances and payments that should be made to employees.
Yellow Canary’s platform compares these newly calculated long-service leave payments, accruals, and entitlements to the balances or payments that were calculated within the employer's payroll system, revealing any variances or discrepancies, the software firm said.
Employers can use this variance data to back pay their employees any long-service leave entitlements owed, and override balances as necessary, it said.
Yellow Canary’s Long Service Leave Remediation product is available this week, allowing employers to review a historical period of long service leave payments and balances for employees and remediate as necessary.
“Once clients have their historical compliance in order, they are ready to start using Yellow Canary’s Long Service Leave Always On Compliance,” Yellow Canary said.
“This advanced technology allows employers to automatically review long service leave payments and balances on a monthly basis. By providing regular data and insights, it enables employers to top up payments and balances after each pay run, preventing lengthy remediation projects, unexpected bills, fines, and potential brand damage.”
Yellow Canary co-founder and managing director, Marcus Zeltzer, said every time an employee is paid, employers should ensure that the payment is made per applicable laws and regulations.
“That’s why we've built the first dedicated, configurable, and automated long service leave engine on the market,” said Zeltzer.
“This platform is capable of calculating entitlements, accruals, balances and payments that are made for long service leave in accordance with state-based legislation, employer policies and industrial instruments to six decimal places of precision.”
