Outsourced Labour Related Statutory Compliance Services, in HR refers to the legal framework within which organizations must operate, in the treatment of their employees. Every country has several hundreds of federal and state labour laws that companies need to align with.
Running a business in the world is no easy task. Business owners have to face stiff competition. At the same time, a glance inward shows that their life is not easy when it comes to handling employees. There are different labour laws in India that need statutory compliance each step of the way.
Among the variables that require statutory compliance are:
- Shops and Commercial Establishment Act
- The Employees State Insurance Corporation Act 1948
- The Labour Welfare Fund Act
- The Minimum Wage Act 1948
- The Payment of Wages Act 1936
- The Professional Tax Act
- The Payment of Gratuity Act 1972
- The Employees Compensation Act 1923
- The Industrial Disputes Act 1947
- The Industrial Establishment Act and several others.
- Due Diligence Audit
- Factories Act (1948)
- Industrial Employment (Standing Order)
- BOCW (Building & Other Construction Worker Act)
- The Contract Labour & Regulation & Abolition Act (1970)
If a business does not ensure strict compliance services with any of the applicable Acts and Laws then it is likely to be penalized. It is not easy for any business to know in depth all the applicable provisions of each law or Act and it is a better option to select outsourced compliance services by experts in the field to guarantee statutory compliance and avoid penalties.
What Compliance Services Do For You
Statutory compliance is obligatory and a compliance service provider will handle a variety of tasks, leaving the business owner free to focus on his core activities. These compliance services cover:
- Maintenance of records, preparation and filing of returns and payments
- Liaisoning with various authorities
- License application, amendment, renewal compliance services
- Handling dispute cases and resolution
- Compliance services also cover exemptions, nominations and monitoring of contractor and sub-contractor compliances
- Accident coordination
- Consultancy and guidance on statutory compliance.
Why engage external compliance services?
As can see there are over half a dozen laws and Acts applicable to labour and these are amended from time to time. As it is each one is complex and needs legal expertise to understand. Further, one must also keep in mind the latest amendments. One has to keep track of gazette notifications, know the latest minimum wage rates and comply with State as well as Central Acts and Rules. All these are not possible for a business owner and employing a legal expert in-house is not practical. Outsourcing compliance services are cheaper and assure total statutory compliance with all Acts applicable to that business.
If existing businesses find the going tough, then startups will find it just as hard even as they are grappling with other issues. In both cases, Outsourcing Compliance Services to an expert agency guarantees faultless implementation of right processes and registrations that will keep the business safe and secured against any legal action. Certain acts and laws provide exemptions in some areas of which a business owner may not know but one that is made clear to him by the service provider. It must be kept in mind that Government departments are quick to issue notices if they find a reason to do so. Inspectors may visit the premises at any time and can find faults leading to fines.
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