PAYROLL RECORDS MAINTAIN
As an employer, you have to comply with statutory and legal norms and are expected to be updated on constantly changing legislation. This demands allocation of valuable time and resources and continuous monitoring to avoid penalties for non-compliance.
You can trust our expertise in statutory compliance related to employment to compliment your existing payroll processes. We assist you to improve your process efficiencies and also help you reduce your Expenditure, both time and costs. With our Statutory and Compliance Outsourcing solutions, we will ensure that your organization is compliant with all employee-related statutory compliance requirements.
Any gap in compliance on wage entitlements of employees could land a company in trouble. The company may end up having a financial implication or a risk of prosecution or IR issues triggered. Even a small non-compliance could cause significant damage to the reputation of the company.
Employee Provident Fund Organization (EPFO)
Eligiblility: Any factory or establishment employing + Hiring 20 or more persons must obtain EPFO registration.
It is obligatory that employees’ drawing less than Rs 15,000 per month, to become members of the EPF. Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the umbrella of Employees’ Provident Fund Organization (EPFO). PF registration is applicable for all establishments which employs 20 or more persons, subject to certain circumstances and exemptions even if they engage less than 20 employees.
Employee State Insurance Corporation (ESIC)
Eligiblility: Any factory or establishment employing ten or more persons must obtain ESI registration.
ESI or Employee State Insurance is a self-financing social security scheme in India. ESI was originally applicable for factories that employed ten or more persons. Subsequently, the coverage of ESI scheme has been expanded. Currently, any factory or establishment employing ten or more persons drawing wages of upto Rs.21,000 per month must obtain ESI registration. Under ESI, a factory is defined as any premises, including the precincts thereof, where ten or more persons are employed or were employed for wages on any day of the preceding twelve months, and, in any part of which, a manufacturing process is being carried on with or without the aid of power.
Professional Tax Act
Professional tax is levied on all types of trades and professions in India. It has to be paid compulsorily by every staff member who is employed in any private firm operating in India. Professional tax registration is the onus of every business owner, who must take up responsibility for deduction of professional tax and payment for the same.
LABOUR WELFARE FUND (LWF)
The Labour Welfare Fund is a provision of the government to ensure some basic and necessary services, amenities and facilities to the workers. This Act is to ensure the better life and standard of living of the employees. There are separate (State) Labour Welfare Fund Act and (State) Labour Welfare Fund Rule for different states & Union Territories and accordingly separate Labour Welfare Board is created for each different States and UTs and accordingly different rate of Contribution for Employer and Employee.The Labour Welfare Fund is created to ensure the extended support for the social assistance for workers in the certain sectors.
