Statutory Compliance for HR

We are PeopleSkills, one of the best payroll outsourcing companies in India. We are growing and have more than 3 years of experience in the industry. PeopleSkills offers all kinds of human resource services, including solutions like. statutory compliance in payroll has been a headache for every startup business. Compliance is necessary for any foundation, whether a small startup business or a multimillionaire brand. Every business must comply to avoid unwanted legal complications and employee disgruntles.

The Government of India has mandated rules that every business organization or company has to abide by. Any small slip-up can lead to severe consequences affecting the company’s growth or even ending its business. Hence, we have vowed to protect businesses by offering services like payroll outsourcing and solutions statutory compliance in payroll. On this page, we would like to outline why statutory compliance is essential and give a checklist of Government rules added to it. But before that, please go through the basics and understand its importance.

What is Statutory Compliance for HR?

For your easy understanding, we have tried to put it in a simple way. The term ‘statutory’ means ‘of rules and regulations,’ while ‘compliance’ denotes ‘adhering to.’ 

Therefore, statutory compliance means the legal framework that every Indian company has to follow for their legal business practices. The Government of India has set up this legal framework containing all the central and state labor laws. This framework has to be followed by every organization, irrespective of their size and stature. If any organization fails to protect any laws, strict legal actions will be taken against them. 

Why is Statutory Compliance Crucial?

We hope you have already understood how crucial statutory compliance in payroll isLet’s see why it is crucial for both employees and employers of an organization.

Benefits of Statutory Compliance For Employees

Every employee of a company enjoys the following benefits of statutory compliance:

  1. Equal pay for everyone, irrespective of gender, caste, religion, and social background.
  2. Statutory compliance ensures that every employee is treated well and does not face discrimination at their workplace.
  3. It safeguards employees from working beyond their shifts for a prolonged period.
  4. It guarantees that every employee is given the minimum wage per Government law.
  5. Statutory compliance also promises workplace as well as social security to every employee. 

Benefits For Employers

Statutory compliance does not only help employees but also safeguards employers. Let’s find out the benefits for employers:

  1. Statutory compliance in payroll helps the employer to avoid unwanted penalties and lawsuits.
  2. It guarantees a safe and peaceful working environment.
  3. It helps to steer clear of trade union issues.
  4. Statutory compliance helps to resolute disputes effectively.
  5. Lastly, it enhances the brand image in the market.

Why Statutory Compliance in Payroll is Essential: Risk of Non-Compliance?

PeopleSkills offers you the best statutory compliance solutions to avoid serious legal complications. Some of the potential risks of non-compliance for not adhering to the statutory compliance are as follows:

  1. Negative impact on brand image leading to the loss of business integrity.
  2. Penalties and fines
  3. Lawsuits are filed by government agencies, employees, or clients.
  4. Bad impression on customer loyalty of the brand
  5. Unnecessary audits

We help you to avoid all these complications and accelerate your business growth smoothly. 

What are the Government Rules for Statutory Compliance in Payroll?

We have mentioned all the Government rules for statutory compliance in payroll below. Please check them and note if all these norms are abided by your brand. However, if you hire PeopleSkills, the best services for statutory compliance in Delhi, you can rest your worries. However, it is essential to give them a look.

  1. Industrial Relations: Promises to maintain a harmonious working environment.  
  2. The Industrial Disputes Act, 1947
  3. Wages: Promises fair and timely wage clearance to employees.  
  4. The Payment of Wages (Amendment) Act, 2017
  5. The Payment of Bonus Act (Amendment), 2007
  6. Minimum Wages Act, 1948
  7. Social Security: Safeguards social and workplace security for both employer and employee.
  8. The Payment of Gratuity Rules, 1972
  9. The Employees Compensation (Amendment) Act, 1923
  10. The Employees’ Provident Fund & Miscellaneous Provisions Act (Amendment), 1952
  11. The Employees’ State Insurance ESI Act, 1948
  12. Labour Welfare Fund Act, 1965
  13. Women’s Benefits: Protects women from workplace discrimination and grants paid maternity leave.
  14. Equal Remuneration Act, 1976
  15. Maternity Benefit Act, 1961

Steps to Ensure Statutory Compliance for Your Organization

However, you can easily abide by all the rules enforced by the Government of India and easily avoid a minute chance of non-compliance. How? Follow these steps accordingly:

  1. Visit the Official website of PeopleSkills Services for the best solutions for statutory compliance in payroll. 
  2. Contact us for outsourcing services to boost your company’s growth.
  3. Receive high-quality, result-driven HR services from our end to handle your statutory compliance. 

We, the PeopleSkills, are now a 3-year-old foundation with some notable working experience. As one of the best services to provide solutions for statutory compliance in Delhi, we have already worked with more than 20 companies and are growing exponentially. 

In these three years, we have covered services for companies ranging from small startups to big institutions. You will be assured to know that 60% of our work includes service for repeat clients and word-of-mouth referrals. We now cover areas like Hospitality, Information Technology, Trading, Engineering, Infrastructure, and others. We are now growing to be the one-stop solution for all human resources services.