Statutory Compliance
Seamless Compliance Through Experts
Understanding and adhering to statutory and labor regulatory requirements is crucial for any business. Proper registration, timely renewals, meticulous register maintenance, and accurate return filing are essential for compliance and avoiding legal issues. We simplify these processes with our comprehensive services, covering the three “R”s of compliance: Registrations & Renewals, Registers, and Returns Filing. Let us handle the paperwork and deadlines so you can focus on growing your business.
What is Compliance?
Compliance is crucial for adhering to the laws, regulations, and ethical standards essential for maintaining an organization's legal and operational integrity, thereby safeguarding its credibility and viability.
Why Is It Important?
Non-compliance can lead to severe legal penalties, financial losses, and reputational harm, which undermine operational efficiency, employee morale, and stakeholder trust, potentially causing long-term business challenges. Conversely, maintaining compliance secures operational continuity and boosts the organization’s reputation, making it a reliable business partner and employer. For employees, it ensures a safe and ethical work environment, promoting fairness, protection, and job satisfaction, which are fundamental for a productive workplace.
Key Features of Our Statutory & Labour Compliance Services
Registrations and Licenses Maintenance
Our experts handle all necessary registrations, renewals, and licenses, ensuring your business remains compliant with statutory requirements.
Liaison with Authorities
We build strong relationships with local bodies and labor authorities, effectively addressing compliance-related queries and concerns.
HR Statutory Compliance Audits
Our team conducts thorough audits to identify potential risks and develops strategic plans to mitigate them proactively.
Timely Updates and Alerts
Stay informed about the latest changes in labor laws and regulations with our regular updates and alerts.
Remittance and Challan Submission
Trust our specialists to handle the submission of challans and remittances for PF, ESIC, PT, and LWF with utmost accuracy.
Statutory Registers Maintenance
We maintain and update your statutory registers, ensuring they are always inspection-ready.
Inspection Handling Assistance
we provide comprehensive support during compliance inspections, addressing queries and representing your interests.
End-to-End Compliance Tracking
From employee onboarding to exit, we offer complete compliance tracking services, leaving no room for errors.
Advantages of Our Statutory Compliance Services
Overview of New wage code
History of the Wage Code:The new wage code in India evolved from the need to streamline the outdated and complex labor laws concerning wages and bonuses, such as the Payment of Wages Act, 1936, and the Minimum Wages Act, 1948. This initiative aimed to rectify a fragmented legal framework, enhancing compliance and consistency across various sectors.
Evolution of the New Wage Code:
The Code on Wages, 2019, consolidates previous laws to ensure uniformity and broader applicability across all industries and workers. It introduces a national minimum wage to reduce wage disparities and standardizes the definition of ‘wages’ to eliminate ambiguity. This reform promotes a fair, inclusive labor market and modernizes labor regulations to support a transparent wage structure.
How It Benefits The Employer & Employee?
The new wage code simplifies compliance and enhances transparency for employers by consolidating various wage regulations into a single framework, easing payroll management. Employees benefit from a consistent minimum wage nationwide, promoting financial stability and reducing wage disparities. Standardizing wage definitions ensures fair compensation, fostering a more equitable labor market. This streamlined approach bolsters a cooperative employer-employee relationship, contributing to economic growth and social equity.
Our Managed HR Compliance Services
Code on Social Security
🏥 Employees’ State Insurance Act, 1948: Ensures health insurance and medical benefits for workers.
💼 Employees’ Provident Funds and Miscellaneous Provisions Act, 1952: Mandates provident fund, pension, and insurance for employees.
🤰 Maternity Benefit Act, 1961: Guarantees maternity benefits to women employees.
🎁 Payment of Gratuity Act, 1972: Provides a gratuity to employees engaged in factories, mines, oilfields, plantations, ports, railway companies, shops, or other establishments.
👷 Building and Other Construction Workers Welfare Cess Act, 1996: Levies a cess to fund welfare measures for construction workers.
📬 Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959: Requires employers to notify vacancies to prescribed employment exchanges.
Occupational Safety & Health Code
🏭 Factories Act, 1948: Regulates labor in factories, setting standards for working conditions, including safety, health, hours of work, and wages.
⛏️ Mines Act, 1952: Governs the safety and health of workers in the mining industry.
🚢 Dock Workers (Safety, Health, and Welfare) Act, 1986: Provides for the health, safety, and welfare of dock workers.
🚧 Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996: Regulates the employment and conditions of service of building and construction workers.
🌿 Plantations Labour Act, 1951: Provides for the welfare of plantation workers and regulates the conditions of their work.
🔗 Contract Labour (Regulation and Abolition) Act, 1970: Aims to prevent the exploitation of contract labor and introduce better conditions of work.
Code on Wages
💵 Minimum Wages Act, 1948: Sets minimum statutory wages for scheduled employment, aiming to prevent exploitation.
🕒 Payment of Wages Act, 1936: Ensures that wages payable to employees are disbursed by the employers within the prescribed period without unauthorized deductions.
🎉 Payment of Bonus Act, 1965: Provides for the payment of statutory bonus to eligible employees of certain establishments.
⚖️ Equal Remuneration Act, 1976: Prevents discrimination on the basis of sex in terms of payment and employment.
Industrial Relations Code
🏷️ Trade Unions Act, 1926: Provides for the registration and protection of trade unions.
📜 Industrial Employment (Standing Orders) Act, 1946: Regulates the conditions of employment in industrial establishments.
⚖️ Industrial Disputes Act, 1947: Seeks to promote fair industrial relations by providing machinery and support for the investigation and settlement of industrial disputes.
Why Choose Us As Your Compliance Partner?
Mitigate Risks
Stay ahead of legal challenges and financial penalties with our expert compliance support.
Enhance Efficiency
Our streamlined compliance processes save time and resources, letting you focus on core activities.
Build Credibility
Show your dedication to compliance and earn trust from stakeholders and employees alike.
Comprehensive Coverage
From payroll to labor welfare, our services span all crucial areas of HR compliance.
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Transforming Compliance into Your Strategic Advantage
With Savi3 Global Solutions as your trusted partner, you can elevate your organization to new heights. Contact Savi3 Global Solutions today for a free consultation and discover how our services can transform your organization, mitigate risk, and unlock your full potential.
