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 – 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 […]
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 […]
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 […]
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 […]
Compliance in the Age of Data Security
Waking up to Data Risks Global news in recent times has tried coming to a conclusion on Data Security. And the truth is, no one has been able to conclude. From a consumer’s perspective today, if you do anything online, you give people access to your data. And while it’s impossible to not leave a […]
5 Important Factors To Check Before You Process Payroll
One of the most important and defining processes of an organization is to with payroll. A good payroll process is something that keeps everyone, from the top to the bottom, happy and content with their work lives. Studies say that employee disgruntlement factor can go up alarmingly with every complexity addition in payroll processes. That’s […]
Making Compliance Work In India
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. […]