Payroll & Statutory

Payroll & Statutory

An organization needs to streamline, organize, and have proper rules and regulations to ensure smooth functioning. There are statutory guidelines to be followed for every aspect, including interactions with its labor and employees. A company or enterprise needs to strictly adhere to these because failure in doing so can jeopardize the health and wealth of the company. These legal requirements or framework, within an organization, needs to function on day to day basis, in connection to its treatment of employees, is what termed as statutory compliance. Therefore companies must be well versed with various labor laws of the country from where they operate.

Regulatory compliance refers to laws, regulations, guidelines, and specifications that an organization needs to adhere to concerning its business processes, failing which can result in legal punishment, including federal fines. Both statutory and regulatory compliance are non-negotiable and are required by law. Failing any of these may result in a fine, penalty, or custodial sentence for the person(s) responsible.

There are several standard statutory requirements that should be chased by companies for their payroll management. They are as follows:

  • A statutory requirement for minimum wages
  • TDS Deduction
  • Statutory Compliance's for ESI Fund and PF Deduction
  • Professional taxes
  • Gratuity
  • EDLI (Employees Deposit Linked Insurance Scheme)

  • Adhering to Statutory Compliance is compulsory for all big and small companies across the globe, to ensure employee's interests are protected, and their employers do not exploit them in any manner, which, in turn, assists in establishing employee loyalty. Legal issues are faced by companies that fail to adhere to these specified rules and regulations, who, at the bottom line of their business, end up facing huge implications instead of this.

    As a reliable payroll outsourcing company, we offer better and more efficient payroll management process for your organisation.

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