Guide me on every thing about "Statutory Compliance" requirements - List Downloads

Guide me on everything about statutory compliance requirements.

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Thank you for reaching out for guidance on statutory compliance requirements. I can provide assistance and information on various aspects of statutory compliance to ensure your organization meets all necessary legal obligations. Please feel free to ask any specific questions you may have regarding this topic.

Dear Dee,

Understanding statutory compliance, though often neglected, is important to know because non-compliance can lead to penal action.

The first step is to determine whether the organization falls under the purview of the Factories Act (mostly applicable to manufacturing companies) or the Shop and Establishment Act (commonly relevant to ITES companies).

Once this is established, familiarize yourself with major acts such as PF, Gratuity, Bonus, ESI, and Contract Labour (which are typically sufficient).

- PF: Employers are required to deposit PF monthly and submit returns like Form 5 and 10 related to member joining or leaving, along with an annual return.

- Gratuity: The act mandates payment of gratuity to employees completing 5 years, and it is crucial for employees to fill out a gratuity nomination form upon joining to simplify matters in case of their demise.

- Bonus: With the limit now raised to Rs. 10,000, more employees qualify for bonus coverage. If paying bonuses, maintain a bonus register.

- ESI: Employees earning less than Rs. 10,001 fall under the ESI Act and must be insured accordingly. Monthly contributions (1.75% by employees and 4.75% by employers) need to be deposited, along with biannual and monthly returns (Form 3 and 1 for nomination and declaration) to the ESI department.

- Contract Act: If utilizing contract labor (e.g., security, cafeteria, housekeeping), register the organization under the act and adhere to its provisions.

Consider outsourcing these tasks to a consultant, ensuring timely compliance to avoid penal repercussions for the occupier or establishment manager, as the consultant is not liable for non-compliance.

I hope this information is helpful.

Best wishes,

Sunil Joshi

PGCHRM - XLRI

Hi Mr. Sunil Josi,

My name is Kiran. I am working as an HRD Executive. Could you please send me some suggestions for creating Factory License forms and a covering letter?

Thank you.

Kiran

Dear,

Legal compliance is important as it directly attracts legal action against Company Owner, Director, or Occupier. Hence, it becomes necessary to comply with the provisions of applicable acts in stipulated time.

Here is an xls file which consists of the nature of compliance that is to be done under various acts. The information also covers the date/period of compliance. Hope it will be helpful to you.

Thanking you,

Sudhakar Bhadane
Sr. Executive - HR
Nashik - 9850339911

Please find attached the XLS document, which contains information on maintaining records, registers, and returns in Tennessee.

Hi, Deeshe,

You can download all statutory compliance documents from CiteHR itself. Simply type the same in the download search bar. Feel free to reach out in case of any difficulties.

Chetan

Thank you for the information, Sir. It was greatly helpful. It would be appreciated if you could provide me with some information regarding the scenario where a company declares itself as a loss-making entity and fails to file a return for a bonus. What kind of documents are required in this situation from a compliance perspective?

Regards,
LC

Dear Legal Compliance, even loss-making units are liable to pay a minimum bonus of 8.33%. Payment of the minimum bonus before the due date and filing the corresponding return will amount to "compliance."

Thank you.

Bonus - Now that the limit has been raised to 10000/-, sir please share the memo copy of this.

ESI - All employees drawing less than 10001 are covered under the ESI Act - is it 10000 or 21000.

A semi-annual return is to be compiled, and also a monthly return with Form 3 and 1 (nomination and declaration) is to be submitted to the ESI department every month - there is no memo for this.