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What is Statutory Compliance?
The word Statutory means “of or related to statutes”- rules and regulations. Compliance means adherence. Thus, Statutory Compliance means adhering to rules and regulations.
Statutory: Related to Rules and Regulations
Compliance: Commitment
Statutory Compliance in HR refers to the legal framework that an organization should adhere to in dealing with its employees.
Importance of Statutory Compliance:
Every country has its own set of state and central labour laws that companies need to comply with. Dealing with statutory compliance requires companies to be updated on all the labour regulations in their country. It is also mandatory for companies to adhere to them.
Non-compliance with these regulations can cause a company a lot of legal trouble such as penalties and fines. That is why every company invests a huge amount of money, effort and time to meet compliance requirements from professional tax to minimum wages act. To help in this, the company seeks expert advice from labour law and taxation law experts.
In order to manage with demanding regulatory environment, every company should be well versed and take notice of all regulations in the labour laws. They need to formulate efficient ways to maintain compliance and minimize risks.
Statutory Compliance (Labour Laws Compliance in India):
- Social Security Compliances
- Wage Compliances
- Industrial Relation Compliances
- Benefits for Women Compliances
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HR Tutorials India
Statutory Compliance
Statutory Compliance in HR
Statutory Compliance in Human Resource
Statutory Compliance for HR
Statutory Compliance for Human Resource
Statutory Compliance in HR in India
Basics of Statutory Compliance
HR Statutory Compliance
What is Statutory Compliance?
Importance of Statutory Compliance
Advantages of Statutory Compliance
Risk of Statutory Compliance
Labour Laws
Labour Law in India
Indian Labour Laws
Labour Law Compliance
Labour Law Compliances
Labour Law Compliance in India
Labour Law Compliances in India
List of Labour Law Compliance in India
List of Mandatory Labour Law Compliance in India
Statutory Compliance and Labour Laws
Statutory Compliance Interview Questions and Answers
Statutory Compliance in English
What is HR?
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