What Is The Meaning Of Statutory Compliance - PPT Download

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
25th March 2008 From India, Bharat

Dear Pls find attach sheet of statutory compliance. Aarti.
25th February 2010 From India, Madras

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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.
9th March 2010 From India, Jaipur

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.
11th November 2014 From India, Chennai

Dear Sir i am read the statutory compliance but i am not understood so please tell me what is statutory compliance Regards Tarun
28th April 2015 From India, Munger

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.
29th September 2016 From India, Chandigarh