Salary Process
🏴 The salary process in an NBFC (Non-Banking Financial Company) is governed by several laws, including the Payment of Wages Act, 1936, and the Income Tax Act, 1961. These laws dictate that:
1. Salaries must be paid on time, usually on or before the 7th day of the following month.
2. Tax must be deducted at source (TDS) as per the Income Tax slabs.
Leave Data Maintenance
🏞️🖤 The leave policy in India is governed by the Factories Act, 1948, and the Shops and Establishment Act. These laws mandate:
1. Casual Leave: Typically 7 days per year.
2. Sick Leave: Usually 7 days per year.
3. Earned/Privilege Leave: One day for every 20 days of work performed (for an adult) and one day for every 15 days of work (for a young person).
Policy Implementation
🏪 Policy implementation in an NBFC must be in compliance with the Reserve Bank of India (RBI) guidelines and other relevant labor laws.
1. HR policies should be clearly documented and communicated to all employees.
2. Policies must be reviewed periodically to ensure they remain compliant with any changes in the law or RBI guidelines.
Remember 🈂️, it's crucial to consult with a legal expert or a professional HR consultant to ensure that your company is fully compliant with the law. For more information, you can visit the government's official website
https://www.india.gov.in/topics/labo...loyment/labour.