What is a payslip?
A payslip, also known as a pay stub or paycheck stub, is a document that outlines details of an employee's pay each period.
What is a pay stub used for?
As a pay stub shows employees exactly how their pay is calculated it enables them to spot discrepancies and resolve any issues as soon as they are paid.
Payslips can also serve as proof of income which can help secure things like foreign working visas and bank loans. Because of their importance, it’s a good idea for employers to allow their employees to access pay stubs as easily as possible.
Accessing payslips in Oyster
In Oyster you can easily access your payslips to your Team Members across the world by logging into your account, selecting ‘Contracts’, and locating the ‘Payslips’ tab. Find out more about payslips in Oyster.
What information is on a payslip?
A payslip will usually include:
- employee information (name, address, tax code, etc.)
- employer information (company name, address)
- details of the pay period
- gross pay (earnings before tax, deductions, and contributions are subtracted)
- a breakdown of tax deductions and contributions (such as insurance and pensions)
- Back pay (money added due to being missed out in a previous pay period)
- net pay (earnings after taxes, deductions, and contributions are subtracted)
What’s the difference between a payslip and a paycheck?
While a payslip provides a breakdown of an employee's gross pay, taxes, contributions, deductions, and net pay, a paycheck only states the employee’s net pay.
Disclaimer: This article and all information in it is provided for general informational purposes only. It does not, and is not intended to, constitute legal or tax advice. You should consult with a qualified legal or tax professional for advice regarding any legal or tax matter and prior to acting (or refraining from acting) on the basis of any information provided on this website.
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