COMPENSATION AND BENEFITS OFFICER

The Compensation and Benefits Officer is a technical and operational professional who is responsible for processing monthly and bi-monthly payrolls for the Company. He/she develops various reports by researching, gathering, and collating information and statistics.

Job Description 

Compensation and Benefits Officer

Position Summary:

The Compensation and Benefits Officer is a technical and operational professional who is responsible for processing monthly and bi-monthly payrolls for the Company. He/she develops various reports by researching, gathering, and collating information and statistics. The incumbent also maintains confidential payroll records, filing statutory payments, collecting, organizing, and reporting financial information used in budget development. He/she is also responsible for the administration of the Company’s Corporate Benefit Plans.

Key Responsibilities:

• Facilitate end-to-end processing of monthly and fortnightly payrolls for Management, General Monthly and temporary staff.
• Prepare Management and other ad hoc reports.
• Ensure completion of other Payroll Processes.
• Research best practices to aid in the development, review and implementation of HR policies and procedures of the Company’s Payroll Unit
• Perform and execute a variety of duties relating to human resources functions and programs.
• Assist in the Management of the Payroll 123 System.
• Assist in the Administration of the Company’s Benefits plans and programmes.

Accountabilities:

• Preparing a schedule of payroll activities to ensure the processing of payments monthly.
• Coding payroll documents to facilitate accurate processing.
• Calculating and performing data entry of values for benefits and liabilities such as acting, maternity leave, payment of vacation leave for management, general monthly and fortnightly staff
• Maintaining the loan portfolio data base and ensuring accurate deduction of employee loan payments
• Processing special payments such as bonus; merit; performance incentive for Executive, Senior Management, General Monthly and Fortnightly staff members
• Reconciling income and expenditure to Balance all payrolls
• Ensuring salary deposits and deduction to banks and other institutions are sent via ACH.
• Collating and analyzing monthly and other ad hoc reports for Management and variance summaries.
• Registration of Employed persons forms, Benefit claims and remittances to the National Insurance Board National to ensure compliance with NIB regulations.
• Preparing application for BIR Number, Gratuity letters and remittances to BIR to ensure compliance with all Inland Revenue statutory laws and regulations.
• Ensuring that all annual emoluments and statutory deductions are reflected accurately on TD4 slips.
• Researching best practices and recommending initiatives to be implemented and to enhance confidentiality and efficiency within the department.
• Assisting in the formulation/design and implementation of human resource policies, procedures, and programs.
• Reviewing existing policies and making recommendations for improvements.
• Preparing and disseminating correspondence to internal and external customers.
• Processes employee requests such as job letters.
• Responding to questions/queries from employees.
• Addressing customer needs by conveying information to external agencies.
• Coordinates and schedules annual medicals and follow up with service providers to ensure timely delivery of medical reports and invoices.
• Works with the vendor to troubleshoot system problems and test new business requirements.
• Communicating policies and programs within the schedule of benefits available to staff.
• Verifying that all documents submitted by employees for processing meet the established requirements.
• Processing Employee Savings Plan enrollments, withdrawals, and closures.
• Maintaining relationships with external institutions for the provision of staff uniforms.

Required Technical Competencies:

Education and Certification:

• Passes in five (5) GCE Ordinary Level/ CXC / CSEC Ordinary Level subjects including English Language and Mathematics at General Proficiency Grades 1, 2 or 3 with a maximum of 2 subjects at Grade 3
• Two (2) GCE/CAPE Advanced Level subjects OR a Certificate in Business or any related discipline from an accredited institution

Experience:

• Three (3) years relevant experience preferably in a financial institution
• Knowledge of Payroll processing procedures
• Knowledge of the legal and regulatory framework regarding Pension Plans, Trust Deed, Pension Rules, (Central Bank and Board of Inland Revenue)
• A working knowledge of National Insurance regulations and tax laws of Trinidad and Tobago
• Basic knowledge of preparing financial statements
• Experience with payroll software will be an asset.

NB: This role may request other job-related tasks be performed not specifically stated in this job description.