Payroll compliance or statutory compliance in India refers to the legal framework.
Payroll compliance or statutory compliance in India refers to the legal framework which companies or organizations must adhere with regard to the treatment of their workers or employees.
Most of the company’s money and time goes into safeguarding compliance with these laws. Everything from being compliant to the minimum wages payment to maternity benefits to provident funds needs not only a lot of time but also experts who can give advice on all of these compliance measures.
Minimum Wages come under the Minimum Wages Act, 1948. The minimum wage rates are given by both the Central Government and the State Government. The wage rates vary from the employment, sector, and type of employee.
According to this act, the employer is responsible to pay wages at least every month on a timely basis. Wage period may be fixed according to the convenience of the employer on a daily, weekly or monthly basis.