Hr & Training Professional
Bde At Beta Soft Systems
9th March 2010 From India, Jaipur
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
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:
PF & Misc Provision Act
Minimum Wages 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
11th November 2014 From India, Chennai
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