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hi everybody..please can anyone help me on the matter for statutory compliance like the meaning of statuory compliance,its purpose,need and its importance... waiting for a reply... thank you
Statutory Compliances implies to fulfillment of the obligations by an individual, company or firm, as are prescribedd under law (enactments, rules, regulations, notifications like Shops& Establishment Act, CST/GST, Contract Labour(A&R) Act, Employees Provident Fund, ESI, etct., etc.). Be it in the form of furnishing prescribed information in the form of periodical returns, getting registrations, following statutes in day-to-day activities as a citizen, or as a body corporate. From HR point of view, the PPT by NISHPA may be relevant.
Hi Jasleen,
Here is the short review for statutory compliance
What is Statutory Compliance Process?
Statutory compliance Statutory means "of or related to statutes," or what we normally call laws or regulations. Compliance just means to comply with or adhere to. So statutory compliance means you are following the laws on a given issue. The term is most often used with organizations, who must follow lots of regulations. When they forget or refuse to follow some of those regulations, they are out of statutory compliance. A company that follows all the rules, is in statutory compliance. Many companies are out of statutory compliance, in part because the cost of following the rule is too high, and/or the consequence is too small to worry about.
Timely and efficient statutory compliance process means:
• Avoid legal implications & penalties
• Access to regional and local expertise
• Centralized error free data & documents that is readily available
• Professional support during inspections / audits
• Assured ethical practices with strict timeline adherence
• Achieve 100% compliance
Purposes:
Safeguarding the employees and the company from untoward risks by managing and consulting on issues.
With scores of labor law compliances required of Indian companies, organizations can spend a significant amount of time ensuring that they are compliant with all these provisions, with no guarantee of full compliance. These include but are not limited to the following regulations:
• Factories Act
• PF & Misc Provision Act
• ESI Act
• Minimum Wages Act
• Bonus Act
• Contract Labour Regulation and Abolition Act
• Professional Tax Act
• Shop and Establishment Act
• Labour Welfare Fund
• Maternity Benefit Act
• Payment of Wages Act
• Other Labour Regulations as applicable for the establishment
Why it is more important?
Failing to meet obligations increases the risk of safety and environmental incidents.
Companies and their employees are increasingly at risk of prosecution if any incident occurs
Principle of proportionality in pursuing prosection
Thanks,
Stella.
Here is the short review for statutory compliance
What is Statutory Compliance Process?
Statutory compliance Statutory means "of or related to statutes," or what we normally call laws or regulations. Compliance just means to comply with or adhere to. So statutory compliance means you are following the laws on a given issue. The term is most often used with organizations, who must follow lots of regulations. When they forget or refuse to follow some of those regulations, they are out of statutory compliance. A company that follows all the rules, is in statutory compliance. Many companies are out of statutory compliance, in part because the cost of following the rule is too high, and/or the consequence is too small to worry about.
Timely and efficient statutory compliance process means:
• Avoid legal implications & penalties
• Access to regional and local expertise
• Centralized error free data & documents that is readily available
• Professional support during inspections / audits
• Assured ethical practices with strict timeline adherence
• Achieve 100% compliance
Purposes:
Safeguarding the employees and the company from untoward risks by managing and consulting on issues.
With scores of labor law compliances required of Indian companies, organizations can spend a significant amount of time ensuring that they are compliant with all these provisions, with no guarantee of full compliance. These include but are not limited to the following regulations:
• Factories Act
• PF & Misc Provision Act
• ESI Act
• Minimum Wages Act
• Bonus Act
• Contract Labour Regulation and Abolition Act
• Professional Tax Act
• Shop and Establishment Act
• Labour Welfare Fund
• Maternity Benefit Act
• Payment of Wages Act
• Other Labour Regulations as applicable for the establishment
Why it is more important?
Failing to meet obligations increases the risk of safety and environmental incidents.
Companies and their employees are increasingly at risk of prosecution if any incident occurs
Principle of proportionality in pursuing prosection
Thanks,
Stella.
Dear Sir i am read the statutory compliance but i am not understood so please tell me what is statutory compliance Regards Tarun
Hi Tarun,
Let me make it clear to you in simple words..
Statutory compliance is all about the organisations those must follow the standard Laws. Some companies do not follow just because the consequences they might face will not be too hard or the cost of following the rules are too high. Its PURPOSE is to safeguard the company and the employees from risks.
Efficient Statutory Compliance process means:
- Avoid Legal penalties.
- Access to legal politics.
- Centralized errorfree data and doc that must be available with org.
- Professional support during inspection and Audits.
- Assured ethical Practices with strict timeline adherence.
- Achieve 100% Compliance.
Let me make it clear to you in simple words..
Statutory compliance is all about the organisations those must follow the standard Laws. Some companies do not follow just because the consequences they might face will not be too hard or the cost of following the rules are too high. Its PURPOSE is to safeguard the company and the employees from risks.
Efficient Statutory Compliance process means:
- Avoid Legal penalties.
- Access to legal politics.
- Centralized errorfree data and doc that must be available with org.
- Professional support during inspection and Audits.
- Assured ethical Practices with strict timeline adherence.
- Achieve 100% Compliance.
Hi!
Here is the answer for,
What is meant by Statutory Compliance?
"Statutory compliance" means simply abiding the rules or laws associated with the particular business. The governmental bodies enacted such guidelines for business entities to ensure the quality of business products that are delivered to the public. Apart from the quality of products, compliance also deals with statutory norms which help the society in general by creating a harmonize financial, ecological and employment environment.
Have listed the most important compliance under statutory norms below:
Labour Law Compliance - statutory norms & acts which pertain to rights of labour/employees and statuary registers and remittances such as ESI, PF.
Shop & Establishment Compliance – Norms, acts, and producers to be followed by a shop or an establishment operating with an office.
Contract Labour Compliance (CLRA) - Statutory acts which deal with contract labour employment, their rights, principle and contractor roles, registers and remittances.
Factory Compliance: This deals with licenses and norms to operate an industry, hazardous operations permits as well.
Industry-specific Niche Compliance: There industry-specific norms, acts, and licenses that are applicable only to specific industries that need to be followed for continuous business operations. For example food and beverage, Pharmaceuticals, cosmetics, etc.
Why have to follow statutory compliance?
It is very important to follow the statutory compliance set by governmental bodies for smooth business operations. If anyone fails to follow the compliance will results heavy penalties and even business closures, etc.
Are you looking for a Statutory Compliance Management Company?
Aparajitha Corporate Services is the right choice to manage compliance for your corporate company. They offer real compliance solutions and give you 100% compliance.
Feel free to contact them: www.aparajitha.com
Cheers!!
Here is the answer for,
What is meant by Statutory Compliance?
"Statutory compliance" means simply abiding the rules or laws associated with the particular business. The governmental bodies enacted such guidelines for business entities to ensure the quality of business products that are delivered to the public. Apart from the quality of products, compliance also deals with statutory norms which help the society in general by creating a harmonize financial, ecological and employment environment.
Have listed the most important compliance under statutory norms below:
Labour Law Compliance - statutory norms & acts which pertain to rights of labour/employees and statuary registers and remittances such as ESI, PF.
Shop & Establishment Compliance – Norms, acts, and producers to be followed by a shop or an establishment operating with an office.
Contract Labour Compliance (CLRA) - Statutory acts which deal with contract labour employment, their rights, principle and contractor roles, registers and remittances.
Factory Compliance: This deals with licenses and norms to operate an industry, hazardous operations permits as well.
Industry-specific Niche Compliance: There industry-specific norms, acts, and licenses that are applicable only to specific industries that need to be followed for continuous business operations. For example food and beverage, Pharmaceuticals, cosmetics, etc.
Why have to follow statutory compliance?
It is very important to follow the statutory compliance set by governmental bodies for smooth business operations. If anyone fails to follow the compliance will results heavy penalties and even business closures, etc.
Are you looking for a Statutory Compliance Management Company?
Aparajitha Corporate Services is the right choice to manage compliance for your corporate company. They offer real compliance solutions and give you 100% compliance.
Feel free to contact them: www.aparajitha.com
Cheers!!
#Listed labor law employees provident fund statutory compliance statuory compliance statutory compliances contract labour provident fund City-India-Bharat Country-India
Statutory Compliance of a Industrial or Commercial Unit.xls
Statutory-compl iance.pdf
