Any organization that employs 50 or more people must be particularly meticulous about payroll management and compliances. The salary slip is vital part of the payroll process. It is proof of employment as well as payment made each month to each employee. It is also important for employers since it shows payments made and deductions.
Labour law compliance refers to a set of accepted terms or conditions of employment. It refers to several regulatory compliances including minimum wages act, work men’s compensation act,contract labour act, factories act etc.
Business is tough in India. Apart from the business side, the company is also obligated to meet statutory compliance requirements. There are various Laws and Acts that the business must comply with or face punitive action. There are laws at Central level and there are State Government laws applicable to a business.