Understanding Statutory Compliance with EasyHR
Statutory compliance refers to an organization’s adherence to legal regulations, especially those related to employee rights and fair treatment. EasyHR simplifies this compliance, helping companies manage essential regulations while reducing legal risks and ensuring operational continuity.
Why Statutory Compliance Matters
Compliance with labor laws helps avoid penalties, fines, and reputational risks. It also protects both the employer and employees by setting standards for wages, working hours, benefits, and more. EasyHR provides tools to ensure timely compliance with regulations like minimum wages and tax deductions.
Key Benefits of Statutory Compliance with EasyHR
• For Employees: Ensures fair treatment, proper compensation, and safe working conditions.
• For Organizations: Minimizes legal risks, prevents fines, and maintains company integrity.
Common Compliance Regulations Managed by EasyHR
1. Minimum Wages Act, 1948: Sets minimum wage rates, periodically revised by state and central governments, to ensure fair compensation.
2. Payment of Wages Act, 1936: Ensures timely wage payment without unauthorized deductions.
3. Employees’ Provident Fund (PF) Act, 1952: Mandates employer and employee contributions toward retirement benefits.
4. Equal Remuneration Act, 1976: Promotes equal pay for equal work, regardless of gender.
5. Maternity Benefit Act, 1961: Provides paid leave and benefits for pregnant employees and new mothers.
6. Shops & Establishments Act: Regulates working hours, rest periods, overtime, and other employment conditions.
7. Payment of Gratuity Act, 1972: Ensures gratuity payments based on service tenure for employee financial security.
8. Labour Welfare Fund Act, 1965: Supports workers’ welfare by contributing to housing, medical aid, and education.
Simplified Payroll and Compliance with EasyHR
EasyHR automates statutory deductions, tax filings, and employee benefits to streamline compliance. From tracking leave and attendance to generating payslips and calculating TDS, EasyHR ensures all legal requirements are met accurately and on time.
For more information on EasyHR’s compliance management solutions, visit easyhrworld.com.