Statutory means “of or related to statutes”, or what we normally call laws or regulations. The term is most often used with organizations, who must follow lots of regulations. A company that follows all the rules is in statutory compliance.
The purpose of this statutory compliance service and Payroll services is safeguarding the employees and the enterprise from untoward risk by managing and consulting on issues such as retirement benefits and taxation.
Statutory compliances for HR:
- PROVIDENT FUND
- PROFESSION TAX
- THE MINIMUM WAGES ACT
- THE METERNITY BENEFIT ACT
- THE PAYMENT OF BONUS ACT
- THE PAYMENT OF WAGES ACT
For any enterprise wanting to become compliant with minimally invasive resources, outsourcing compliance may become the key to success. Whether you are a team of 20 or 500 or more employees, the importance of Labor Law outsourcing agencies compliance is obvious and outsourcing to the right partner will ensure systematic compliance and back you with insights into Labour Law compliance. (Executive recruitments)
12cube expertise in Statutory Management and Statutory Compliance services showcases our capabilities in handling diverse requirements of our clients across India. With an efficient sizeable team of compliance and labour law experts, 12cube is ever ready to address and help you with statutory compliance services or labour law compliance requirement enabling you a surety of full compliance.
To be statutory compliance in 12cube:
Pf outsourcing consultancy: The Provident Fund (PF) Act becomes applicable when an organization reaches a size of twenty employees and falls in the category mentioned in “Schedule I” (see www.epfindia.com for more information). When the PF Act is applicable (now most of the companies will fall under the PF Act), the Provident Scheme implies a 12% contribution of the basic monthly salary of the employee by both the employee and employer.
The landscape of statutes of labour laws is constantly evolving, and it takes a special agility to keep abreast of all the latest developments and ensure compliance. At 12cube, we offer statutory compliance services that perfectly meet your organization’s requirements.
BENEFITS OF OUTSOURCING COMPLIANCE:
Our clients benefit from outsourcing statutory compliance management in many different ways.
- Sound corporate governance
- An increase in focus on strategic business areas
- A reduction in the labour overheads
- Timely compliance and adherence to all the different statutes and labour laws
- Avoidance of all litigation and associated costs that may arise out of non-compliance
- Complete and accurate maintenance all records that are relevant to compliance
The Employee State Insurance Corporation (ESIC) Act becomes applicable when an ESIC applicable employee in the organization reaches a size of ten employees. (See www.esic.nic.in for more information). When the ESIC Act is applicable (now most of the companies will fall under the ESIC Act), the ESIC Scheme implies a 1.75% and 4.75% contribution of the monthly gross salary of the employee by both the employee and employer respectively.