Statutory Compliance in Indian Payroll
Statutory Compliance in Payroll- A Complete Guide A lot of your organization’s time, effort and money go into ensuring that payroll is compliant through a statutory audit. From employee’s fair treatment of labor to protecting the company from unreasonable wage or benefit demands from trade unions or aggressive employees, every company faces a worrying number of potential legal issues relating to compliance. However, it may never be a company's intent to break these laws, but without necessary protection, it may easily slip through the cracks. So how can you be sure that you can avoid the risk of non-compliance? To address this, let's first understand what statutory compliance is and the various compliances required for Indian payroll. What is Statutory Compliance? The word statutory means “of or related to statutes”- rules and regulations. Compliance means adherence. Thus, Statutory Compliance means adhering to rules and regulations. Statutory Compliance in HR refers to the...