New to the Workforce: What Should I Know About Statutory Obligations and Compliance?

I am a fresher, going to join a company on September 1st. I want to know about statutory obligations and compliance. Seniors, please help.

With reference to your query, I would like to inform you that statutory obligations are the requirements that an organization must fulfill under various labor laws. The actions taken to fulfill these obligations are referred to as compliance. There are numerous compliance requirements that organizations need to adhere to under labor laws. Multiple enactments are applicable under the umbrella of labor laws. Therefore, obligations are the statutory rules that must be fulfilled by both employers and employees.

Thank you,

Regards,
R B Yadav
Advocate

Understanding Statutory Obligations

A statutory obligation is the law for a certain industry, region, or territory. For instance, we may consider the example of the banking industry in a country. Those banks operate under the statutory obligations or laws of the central bank of that country. Meanwhile, there can be specific laws or regulations for a particular territory or province. If a company operates in that particular territory, it must comply with those rules and regulations.

Best Regards,
Sameer