STATUTORY COMPLIANCE
With scores of labor law compliances required in
Indian companies, organizations can spend a significant amount of time ensuring
that they are compliant with all these provisions. These include but are not
limited to the following regulations:
·
Factories Act
·
PF & Misc Provision Act
·
ESI Act
·
Minimum Wages Act
·
Bonus Act
·
Contract Labour Regulation and Abolition Act
·
Professional Tax Act
·
Shop and Establishment Act
·
Labour Welfare Fund
·
Maternity Benefit Act
·
Payment of Wages Act
·
Other Labour Regulations as applicable for the
establishment
Statutory Compliances in HR – A Detailed List
The
present day legal climate is one of uncertainty and confusion. In most cases, a
law comes to light only after its contravention, resulting in severe
penalties. Compliance Management is a must in keeping you away from the
long arm of the law!
Here is a quick compilation of the various Statutory Compliances In HR
Here is a quick compilation of the various Statutory Compliances In HR
- The
Apprentices Act, 1961
- The
Contract Labour (Regulation & Abolition) Act, 1970
- The
Child Labour (Prohibition & Regulation Act), 1986
- The
Industrial Disputes Act, 1946
- The
Minimum Wages Act, 1948
- The
Payment Of Gratuity Act, 1972
- The
Industrial Employment Standing Orders Act, 1946
- The
Employees Provident Fund & Miscellaneous Provisions Act, 1952
- The
Equal Remuneration Act, 1976
- The
Employees' State Insurance Act, 1948
- The
Payment Of Bonus Act, 1965
- The
Payment Of Wages Act, 1936
- The
Factories Act, 1948
- The
Employment Exchanges(Compulsory Notification Of Vacancies) Act, 1959
- The
Trade Unions Act, 1926
- The
Workmen's Compensation Act, 1923
- Inter
State Migrant Workmen( Regulation Of Employment & conditions Of
service ) Act, 1979.
Each
one of these have to be filed at various parts of the year, under various
forms.
But
your compliance partner must lay out a clear process that follows the following
steps:
- Initial
Assessment, where the client’s business needs are understood.
- Finalization
of Check List for various processes & activities
- Risk
assessment & evaluation – adequacy and control measures.
- Analyzing
various HR Compliance policies
and checking documents pertaining to various activities
- Financial
liabilities associated with the processes if any is being determined –
look into audited balance sheet & Annual report
- Gaps
being identified in the above process are transformed into observations
- Observations
are analyzed to form recommendations
- Overview
of the findings are presented to the client
- Final
reports are submitted
CHEKLIST
FOR EMPLOYERS
Statutory
Deposits & Returns
January
January
|
February
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan 2 Before 15th P.F. P. F. Challan 3 Before 25th P.F. Form 5, 10 & 12A (P. F.) 4 Before 15th Payment of Wages Act Form IV 5 Monthly Statutory Register Daily / End of the month |
March
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN 1 Before 21st ESIC ESIC Challan 2 Before 15th P.F. P. F. Challan 3 Before 25th P.F. Form 5, 10 & 12A (P. F.) 4 P.F. Annual Returns Form 6A d& 3A 5 Monthly Statutory Register Daily / End of the month |
April
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Before 30th Employment Exchange Act Form ER - 1
5 Monthly Statutory Register Daily / End of the month
---------------------------------------------------------------------
May
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Before 12th May ESIC ESIC Half Yearly Returns
5 Monthly Statutory Register Daily / End of the month
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Before 12th May ESIC ESIC Half Yearly Returns
5 Monthly Statutory Register Daily / End of the month
June
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
July
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Before 30th Employment Exchange Act Form ER - 1
5 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Before 30th Employment Exchange Act Form ER - 1
5 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
August
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
September
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
October
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Before 30th Employment Exchange Act Form ER - II
5 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Before 30th Employment Exchange Act Form ER - II
5 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
November
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Before 30th Factory Act, Form 2 Renewal fees
5 Before 11th November ESIC ESIC Half Yearly Returns
6 Before 30th Payment of Bonus Act Form A, B & C
7 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Before 30th Factory Act, Form 2 Renewal fees
5 Before 11th November ESIC ESIC Half Yearly Returns
6 Before 30th Payment of Bonus Act Form A, B & C
7 Monthly Statutory Register Daily / End of the month
--------------------------------------------------------------------------------------------
December
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Monthly Statutory Register Daily / End of the month
SR. DATE AND MONTH NAME OF THE STATUTORY RETURN
1 Before 21st ESIC ESIC Challan
2 Before 15th P.F. P. F. Challan
3 Before 25th P.F. Form 5, 10 & 12A (P. F.)
4 Monthly Statutory Register Daily / End of the month
Introduction of statutory
compliance its needs and importance.
Statutory compliance means compliance to be done under the various statutes or law wherein it is the statutory or legal obligation on the individual(includes companies) to be comply thereunder.
Statutory compliance is very wide it may be labour compliance, Taxation compliance etc. and if individual will not comply under them then criminal liabilities may arise.
These compliances importance is depend on the nature of compliance like if it is labour compliance then u may observe that they are meant for the welfare, safety and health of the labours.
Statutory compliance means compliance to be done under the various statutes or law wherein it is the statutory or legal obligation on the individual(includes companies) to be comply thereunder.
Statutory compliance is very wide it may be labour compliance, Taxation compliance etc. and if individual will not comply under them then criminal liabilities may arise.
These compliances importance is depend on the nature of compliance like if it is labour compliance then u may observe that they are meant for the welfare, safety and health of the labours.
In other words, to follow
act, rules & regulation under provision of law is called compliance. For HR
Statutory Compliance, we must follow labour laws and maintain records as
prescribed under act.
Statutory
means "of or related to statutes," or what we normally call laws or
regulations. Compliance just means to comply with or adhere to. So statutory
compliance means you are following the laws on a given issue. The term is
most often used with organizations, who must follow lots of
regulations. When they forget or refuse to follow some of those
regulations, they are out of statutory compliance. A company that follows all the
rules, is in statutory compliance.
Purpose-:
Safeguarding
the employees and the enterprise from untoward risks by managing and consulting
on issues such as retirement benefits and Taxation
ESI Provident
Fund Profession Tax Gratuity. The Minimum Wages Act. The Maternity Benefit Act. The
Payment Of Bonus Act The Payment Of Wages Act was
originally applicable to non-seasonal factories using power and employing 20 or
more persons; but it is now applicable to non-seasonal power using factories
employing 10 or more persons and non-power using factories employing 20 or more
persons. All the employees in the factories or establishments to which the Act
applies shall be insured under this Act.
Note: Please share your views/thoughts and leave a message with your comments/suggestions as they are always welcomed. This will keep me motivated and will encourage me to write and post more useful articles based on various topics mostly related to Technology and HRM.
No comments:
Post a Comment