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STATUTORY SERVICES

Statutory Compliance Meaning

The word ‘statutory’ means ‘of rules and regulations, and the term ‘compliance’ means ‘adhering to’.

In the payroll setup, statutory compliance is the legal framework established by the Government for organizations within which Indian companies must work. All organizations, irrespective of their size and stature, must abide by the central and state labour laws failing which strict legal actions can be taken against them.

 

Importance of Statutory Compliance

For Employees

Statutory compliance helps employees in the following ways.

 

For Employers

Risk of non-compliance

Apart from being important from employee welfare perspective, there are actual risks of not adhering to statutory compliance laws:

  1. Damage to reputation, brand value and loss of business integrity

  2. Heavy penalties and fines

  3. Lawsuits and legal action by disgruntled parties – government agencies, employees or trade unions, or clients, among others

  4. Impact on customer loyalty of the organisation

  5. Unnecessary audits

 

How can you ensure Statutory Compliance for your Organisation?

1. Document all policies & procedures

Mention all the compliances in the employee handbook (digitally/ Manually). This will ensure proof of all the rules and policies of the company for the benefit of both you as an organisation and your employees.

2. Stay updated on changing Acts and Policies

Compliance does not end at formulating policies and putting an Act in print/digital. Ensure that the Acts your company abides by are updated as per the norms of the Government to avoid being overwhelmed later. Since staying updated with changing regulations can be tricky l that automatically gets updated if any law changes. A major benefit of using software is never being non-compliant, and the entire responsibility of compliance lies with the vendor, taking your headaches away.

3. Conduct compliance audits

Audits and reports can help you understand the compliance trends and practices in the organisation and find out just how compliant employees in your organisation are and how compliant the organisation is towards treating its employees.

4. Train employees

Workshops and training can help you mitigate the communication barrier when it comes to ensuring compliance at the employees’ and managerial end.

 

STATUTORY COMPLIANCE

 

To help your organization avoid and detect violations of act, which protects from heavy fines and lawsuits. The process of regulatory compliance consulting is ongoing to consistently and accurately govern the compliances and risks over a period of time.

 

  • Availing Registration New/Amendment under S&CE /Factory ACT /Others Acts.

  • Get new registration and amendments done under the regulatory act with KLP in simple and best methods.

  • Remittances & liaison with authorities.

  • KLP Corporate helps the organization to process and execute the liaison between legislative entity and organization.

Due-Diligence Audit under S&CE Act / Factory Act & CLR Act

  • KLP Corporate as professionals helps in evaluating the strength and thoroughness of the compliance preparation, policies and risk management

  • Vendor Compliances under CLRA ACT

  • We help in understanding and streamline the management process of vendor and contract labor under the CLRA Act

  • Preparation & Certification POSH/Maternity-Policies/ Certified Standing Orders

  • Policies and certifications help the organization to maintain health and safety of the employees. Alps helps the organization to frame and amend

 

MONTHLY FILLINGS

  • EPF / ESIC / PT / GST 

  • Monthly Vendor Statutory Compliance (As a Employer / Contractor)

HALF YEARLY FILLINGS

  • ESIC Act

  • FACTORY Act

  • CLRA Act

  • INTER- STATE MIGRANT WORKMAN Act

  • The Employment exchange (CNV) Act

  • The contract Labour (R&A) Act

YEARLY FILLINGS

  • Form Q- Annual Returns – S&E Act

  • Factory Half & Yearly Returns

  • The Payment Of Bonus Act 2007

  • The Payment Of Gratuity Act 1972

  • The Labour Welfare Fund Act 1965

  • Equal Remuneration Act, 1976

  • Maternity Benefit Act, 1961

  • Yearly Remittance FSSAI – Lab & Sales Report

The following Labour Acts in India required for Statutory Compliance:

  • ​​The Child Labour (Prohibition & Regulation Act), 1986.

  • Inter-State Migrant Workmen( Regulation Of Employment & Conditions Of Service ) Act, 1979

  • The Equal Remuneration Act, 1976

  • The Payment Of Gratuity Act, 1972

  • The Contract Labour (Regulation & Abolition) Act, 1970

  • The Payment Of Bonus Act, 1965

  • The Apprentices Act, 1961

  • The Employment Exchanges (Compulsory Notification Of Vacancies) Act, 1959

  • The Employees Provident Fund & Miscellaneous Provisions Act, 1952

  • The Factories Act, 1948

  • The Minimum Wages Act, 1948

  • The Employees’ State Insurance Act, 1948

  • The Industrial Disputes Act of 1946

  • The Industrial Employment Standing Orders Act, 1946

  • The Payment Of Wages Act, 1936

  • The Trade Unions Act, 1926

  • The Workmen’s Compensation Act, 1923

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