Every Employer or Company or Establishment has to follow a set of compliance as per the central and state act in India. Maintaining compliance, facilitates business growth and Investor faith in the conduct of business with due diligence audit.
Failure to compliance attracts penalties and hurdles in growth of the business.
Therefore, dealing with statutory compliance requires companies to be well-versed with the labour law regulations. As an HR & Payroll expert its mandatory to know what all compliance are to followed...!
What constitutes statutory compliance in India?
Based on type of Industry and nature of business and state in which business is located, every employer has to follow compliance.Every employer basically will have to follow two types of compliance;
# Payroll Compliance, and
# Statutory Compliance
List of Payroll Compliance to follow every month?
1. Provident Fund
2. ESIC
3. Professional Tax
4. Labour Welfare Fund (LWF)
5. Income Tax
List of Statutory Compliance under various Acts?
1. Shops & Establishment Act
2. Factories Act
3. Minimum Wage Act, 1948
4. Payment of Wage Act, 1936
5. Payment of Bonus Act, 1965
6. Payement of Gratuity Act, 1972
7. Maternity Benefit Act
8. Equal Remuneration Act, 1936
9. Contract Labour Act, 1970
10. Workmen Compensation Act, 1923
11. National and Festival Holiday Act
12. Prevention of Sexual Harassment(POSH) Act
