A proper germinated and conceptualized Startup can over a period of time survive, succeed and thrive once it starts calling up according to its strategic initiatives. After the initial commencement of business, and market growth and success, Startups look to scale through other different options available in the market to spread its reach. New customer […]
Startups – a great disruptors
When you look at traditional industries in India, it is clear that many are bygone and monotonous. However, people continue to do business within these industries, because of, the absence of other practical alternatives. But when a startup emerges with modern technology, better investment options and wider market acceptance things start changing. Startups are called […]
Let’s Talk Compliance – OSHWC Anamoly
Is it what is intended or an error to be rectified? Following the Code on Wages, 2019, it looks like The Occupational Safety, Health, and Working Conditions Code, 2019 is the next one to be released. A bill to that effect has already been introduced in the Lok Sabha on 23rd July 2019. The code […]
Break Complexities of compliance
Handling the complexities of statutory compliance in emerging businesses from central, state and local Governments is a challenge for every organization/company/startup in India. In specific, companies with limited resources find that compliance management is difficult and consider this as a barrier for business growth and sale. Let’s see some of the common problems as follows:- […]
Let’s Talk Compliance – Is it the intention of CoW to make Principal Employers liable for bonus to contract workers ?
Every employee who has worked in the establishment for not less than 30 days in an accounting year shall be paid bonus by his / her employer as per Sec 8 of, The Payment of Bonus Act. The term ‘employee’ as defined in Sec 2(13) does not include contract workers. Hence the position is clear […]
Statutory Compliance Audit for NBFCs – An introduction
What is NBFC? The Non-Banking Financial Companies (NBFC) is a heterogeneous group of financial institutions that perform vehicle finance, equipment lease finance, personal loans, consumer loans, housing loans, etc. It is regulated by the Reserve Bank of India (RBI). Most NBFC’s are categorized as: NBFC-D NBFC-ND Core investment companies. NBFC-D is NBFCs accepting deposits from banks whereas […]
Indian HealthCare Industry and Its Mandatory Compliance Laws
Health is considered as a state of complete physical, mental, spiritual and social well-being and not merely the absence of disease or infirmity. Dr. Ashok Kumar Saxena (Director General of Health Services) With his words, it is clear that health is one of the imperative parameters of a nation’s development. Obviously, the Healthcare industry is […]
Let’s Talk Compliance – Will 2(y) of CoW make gratuity a non-wage?
The term ‘wages’ has not been defined in The Contract Labour ( Regulation & Abolition ) Act. Sec 2(h) gives a direction to have the meaning assigned to it in clause (vi) of Sec 2 of the Payment of Wages Act. As per the said section:- “ ‘wages’ means all remuneration (whether by way of […]
Let’s Talk Compliance – Wages Under Code on Wages
The incoming 2(y) vis-à-vis the outgoing 2(h) Finally, the new Code on Wages, 2019 which aims to amend and consolidate the existing four legislations, viz., The Equal Remuneration Act, The Minimum Wages Act, The Payment of Bonus Act and The Payment of Wages Act has been published on 8th August 2019. The definitions for the […]
Let’s Talk Compliance – Minimum Basic Rate DOUBLED in Maharashtra
On 24th July 2019, the Government of Maharashtra revised the basic rate of minimum wages for the workers in the “employment of Shops and Commercial Establishments”. The revision was made after a gap of 9 years. It was done for Skilled, Semi-skilled and Unskilled workers. It was a 100% hike for all the three category […]
Flexi Staffing and Associated Imperative Norms
What is Flexi Staffing? Flexi staffing is a service for employing people to make them available to a third party i.e., principal company. This is a tripartite employment type that the people are hired by a staffing agency and then hired out to perform work under the supervision of a principal company. The thing is […]
Compfie’s Smart Mobile App for Compliance Track
Compfie, a cloud-based compliance tool which enables the convenience of monitoring and managing organization’s compliance and reducing overall legal risks. It assesses and tracks your compliance status on all parameters in giving you a bird’s eye view on your organizations compliance score through a dashboard. You can also receive real-time updates and triggers which helps […]
Let’s Talk Compliance – Code on Wages, 2019
In my last write, I have narrated some of my ideas about the Code on Wages Bill. As aptly mentioned in the preamble of the bill, the Code on Wages, 2019 is for just consolidating the existing provisions of wages and bonus related matters. Certain provisions have been fine-tuned to stay relevant to the contemporary […]
Let’s Talk Compliance – Information Security vis-à-vis Labour Law – Need of the hour!!!
What does labour law have to do with information security? On the face of it, this question and the title may appear intriguing for the uninitiated labour law (LL in short) experts for whom the Information Security (IS in short) may be a new domain. Presently, among a major section of population, it appears that […]
Let’s Talk Compliance – Proposed Labour Code on OSHWC, 2019
Currently, there are 13 central legislations in India which regulate the Occupational Safety, Health and Working Conditions of the persons employed. These are either based on the type of establishment (ex. Factory, Mines, etc.) or on the class of workers (ex. Contract labour, Interstate migrant workers, etc.). The Code on Occupational Safety, Health and Working […]
List Of Labour Laws For Overtime Work
What is Overtime? Overtime refers to the period for which an employee has worked more than their regular working hours. As per the overtime policies in India, the working hours are 7 to 9 hours per day and 48 hours a week. The labour laws in India state that any employee who works at overtime […]
Factory Compliance Checklist 2019
A brief history of the Factories Act: In India, large scales of factories/ industries were growing up during the industrial revolution. Major Moore, chief inspector of the Bombay cotton department first raised a question for the provisions of the legislation to regulate the working conditions in factories. Hence the first Factories Act was enacted in […]
Benefits of complying compliance for your organization
The concept of compliance is to make sure that the company can obey the statutory laws responsibly. So, why it is important for an organization? Every business starts with a profit imperative but the qualities of products and services delivered aren’t compromised for profits. To ensure such thing the government, regulatory bodies enacted statutory laws […]
Let’s Talk Compliance – Implementation date of SC judgment on PF wages – Retrospective or Prospective
The Apex court’s judgment on PF wages was delivered on 28-02-2019 in a case more popularly known as Surya Roshni Ltd & Ors vs Employee Provident Fund & Ors.Hon’ble Supreme Court in the matter of Regional Provident Fund Commissioner Vs. Vivekananda Vidyamandir and other connected appeals including Surya Roshni Ltd considered the scope of ‘basic […]
Is there any cloud-based compliance tool available?
Yes, of course, it is available. Nowadays cloud computing is an on-demand technology and many companies come forward to offer cloud-based compliance solution. Among them, I would recommend looking at Compfie, futuristic cloud-based compliance tool that enables companies to track, govern and do all the regulatory requirements on the cloud thereby preventing future risks.