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.
Let’s Talk Compliance – Labour Code on Wages
The Second National Commission on Labour submitted its report on June 2002 and recommended that the existing set of labour laws should be broadly amalgamated into the following groups, namely:–– (a) Industrial relations; (b) Wages; (c) Social security; (d) Occupational Safety, Welfare & Working conditions. In pursuance of the recommendations of the said Commission and […]
What is Compliance ? Explained in simple terms
Simply put Compliance means abiding by rules, set guidelines or norms. Though one can relate compliance to even individual citizens, who must act in accordance to set laws for the greater benefit of the society. The term Compliance mostly and more importantly pertains to business establishments, industries, business services or products.
Employee Provident Fund (EPF) goes for incremental changes
According to the latest buzz, Employee Provident Fund deduction may increase soon for certain segments of the working population. The change does not affect employees earning more than Rs. 15000 in basic wages plus dearness allowance. All variable labour allowances linked to the employee’s efforts, such as overtime allowance, can be excluded. What’s the existing […]
The importance of HR Compliance
At the centre of any organisation is the human resources (HR) function. The HR department focuses on identifying, hiring and retaining people with the right skill sets and qualities to execute the organisation’s strategy and achieve its goals. Given the importance of HR compliance, it is an important player in the organisation’s compliance structure. Organisations are […]