List of statutory compliance is the legal framework guidelines under which companies should operate towards the fair treatment of its workforce or employees and an organization must operate within this list in order to avoid legal trouble. Recently it has become more challenging for the employers to manage and maintain statutory compliances under legal way of the competitive business world. Every country has their own list of statutory compliances so that every organization must hold their fort with good payroll management based on legal regulations. In case, if any company or organization fails to follow or work within statutory compliance, then they have to pay heavy penalties which are several times greater than working within legal guidelines. In order to deal with statutory compliances, an organization must be well informed and updated on legal regulations and labor laws.
Below is the list of various statutory compliances that are necessary for an organizations growth.
1.Contract Labour (Regulation & Abolition) Act -1970
2.Apprentices Act -1961
3.Child Labour (Prohibition & Regulation) Act-1986
4.Minimum Wages Act -1948
5.Industrial Disputes Act -1946
6.Industrial Employment (Standing Orders) Act -1946
7.Payment of Gratuity Act -1972
8.EPF & MP ( Employment Provident Fund and Miscellaneous Provisions) Act -1952
9.Employee’s State Insurance Act -1948
10.Equal Remuneration Act -1976
11.Payment of Bonus Act -1965
12.Factories Act -1948
13.Payment of Wages Act -1936
14.Employment Exchange Act -1959 ( Compulsory Notification of Vacancies)
15.Workmen’s Compensation Act -1923
16.Trade Unions Act -1926
17.Inter-State Migrant Workmen Act -1979 (Regulation of Employment & conditions of service)
18.Maternity Benefit Act – 1961
19.Sexual Harassment of Women at Workplace Act -2013 (Prohibition & Prevention)
20.Income Tax Act -1961
All the Acts that are stated above are to be filed by the company in various forms during prescribed parts of the year in order to prove that the company works within legal regulations.
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