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 […]
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 […]
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 […]
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 […]
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, 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 […]
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 […]
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 […]
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.
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.
Why Compliance? Businesses are facing the extreme cost and operational pressures as regulatory bodies are continuously increasing mandatory compliance management system. The financial crisis of 2008 and the rising number of financial frauds being reported of late have pushed the case for further monitoring by regulatory bodies. For businesses though, finance is just one of […]
The Indian economy has been on the growth path for the past few decades. This journey began with the announcement of economic reforms in the early nineties which allowed foreign direct investment in various sectors. We started slow but the main catalyst for growth was the information technology sector which became a major revenue generator. […]
A dashboard is the first thing you see when you log in to your compliance software. At a glance, you expect it to tell you everything you think you need to know. A simple enough demand, but this could be one of the most important aspects of compliance. After all the tracking, all the alerts, […]
With the rapid increase in tech solutions, it can be easy to assume that plugging in some software will magically help an enterprise ensure compliance technology. However, unless the software in question enables or supports certain basic, age-old practices within the organization. Like accountability, for instance. Regulations have always been complex and many-layered. Best practices […]
The question ‘do we need compliance software’ has become obsolete. Even a few years ago, companies managed to tackle regulation with large teams of compliance management professionals – operating a complex system of monitoring, updating, flagging and reporting. Not anymore. Regulations are evolving faster than teams can keep up, and with many key processes moving […]