Statutory compliance in HR, refers to the legal framework within which organizations must operate, in the treatment of their employees. Adhering to statutory compliances is necessary for all big and small companies to upkeep their businesses safe from the legal obligations.
The provisions of Factories Act, 1948 & Rules, stipulates that obligation on the part of the occupier to ensure safety & health of the workers all times. So also the records & particulars in respect of workers to be kept & maintained in prescribed registers. Any infringement/violations leads to prosecutions in the court of law. ESI fund, maintained by ESIC is applicable to employees’ to provide the monetary and medical benefits to employees and their families.
PF is a compulsory contributory fund for the future of employees after their retirement or for their dependents in case of demise.
Professional tax or employment tax is a state-based tax. It is one of the statutory deductions from the gross income before computing the annual income tax.
Gratuity is the amount given to employees by employer when they leave the job after completing five years in service.
As an employer it is bounded duty obligations to fulfill & comply the above laws & regulations which are applicable & in force.