Updated Checklist for Statutory Compliance 2020
While compliance is a normal term that indicates adherence to rules and laws, statutory compliance is particularly related to the adherence of labour and HR-related rules and laws. Every organization needs to follow some government set guidelines and laws which are related to taxes, employees, and payments. These guidelines and laws fall under statutory compliance. When an organization fails to maintain statutory compliance, penalties and fines are imposed by various authorized bodies. This is why obeying statutory compliance in India is important. In this article, we will discuss the basics of statutory compliance management and ways to stay away from penalties through statutory compliance list.
What is Statutory Compliance? Statutory compliance in HR indicates a legal framework that allows organizations to operate according to a certain structure. This structure is generally related to the employees of the organization.