31-Dec-2021
A Complete Guide of HR Statutory
Compliance
Statutory compliance is a
generic term that refers to complying with the legal framework of the land. But
when we talk about HR statutory compliance, it pertains to compliances related to the workforce. Every
business is required to adhere to the rules set by various government
departments pertaining to taxes, employee benefits, minimum wages among tons of
other requirements. HR statutory compliance is mandatory for companies of all sizes.
There is no scope for a
company not to comply with these statutory compliances. Failure to comply may
lead to stringent penalties. Therefore, one needs to be fully aware of the
updated HR statutory compliance
requirements for flawless business operations. This article will help you to be
in touch with HR statutory compliance
framework.
The Need for Compliance
Management
Compliance takes legal hassle
out of every organization, small and large. A deep understanding of statutory
law enables these organizations to minimize or mitigate the risks of
non-compliance.
However, the sheer number of
rules that Indian organizations have to follow in order to comply with legal
requirements often overwhelms the companies. Even after careful oversight and
verification, companies find it tedious to remain compliant. That is the reason
they take the help of HR statutory compliance services, like Weavings.
Here is an updated Compliance
Checklist to help you manage your legal compliance effortlessly. You can
follow this checklist to stay up to date with current laws and regulations.
Updated
Checklist for Statutory Compliance 2021
- The
Employees Provident Funds and Miscellaneous Provision Act - 1952 (EPF)
- Shops
and Commercial Establishments Act (S&E)
- The
Employees State Insurance Corporation Act - 1948 (ESIC)
- The
Labour Welfare Fund Act (LWF) 1965
- The
Professional Tax Act (PT) 1975
- The
Minimum Wages Act-1948
- The
Child Labour (Prohibition & Regulation Act), 1986
- The
Payment of Wages Act-1936
- The
Maternity Benefit Act-1961
- The
Contract Labour (Regulation & Abolition) Act - 1970 (CLRA)
- The
Payment of Bonus Act-1965
- The
Industrial Establishment (N&FH) ACT 1963
- The
Payment of Gratuity Act-1972
- The
Employment Exchange (Compulsory Notification of Vacancies) ACT-1959
- The
Equal Remuneration Act-1976
- The
Apprentice ACT, 1961
- The
Industrial Employment (Standing Orders) ACT 1946 - Model Standing Order Only
- Sexual
Harassment of Women at Workplace (Prevention, Prohibition & Redressal) ACT,
2013
- The
Industrial Disputes ACT 1947
- The
Employees Compensation ACT-1923
- The
Interstate Migrant Workmen (Regulation of Employment and Conditions of
Services) ACT, 1979
- The
Trade Unions Act, 1926
Conclusion
HR Statutory Compliance is a
critical subject which cannot be ignored or left in abeyance. Since these are
mandated by law, no company can afford to not comply. As mentioned earlier, any
lapse could find your organisation in serious legal trouble.
Therefore, unless you have a
highly competent in-house team, you should always look for the best HR statutory compliance services for
your company. Weavings is one such company that offers a bouquet of
top-notch HR solutions, including that of HR compliance services. Feel free to
get in touch with our specialists today!