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Statutory Compliances

The pre-defined legal framework within which any given organisation must function. This framework is termed as statutory compliance. Basically, the organisation must treat its employees in a way that is in adherence to various central and state labour laws.
These laws ensure the welfare of – the employee, employer, and the organisation. All organisations, irrespective of their size and stature need to abide by central and state labour laws failing which strict legal actions can be taken against them.

Adhering to statutory compliances is necessary for all big and small business set ups to keep their businesses safe from the legal trouble. Deep knowledge of statutory compliances is required to minimize the risk associated with the non-compliance of statutory requirements.
Every country has its own set of state and central labour laws that companies need to adhere with. Dealing with statutory compliance requires companies to be updated on all the labour regulations in their country.
Statutory compliance is beneficial to all – employee, employer and the organisation.
For employees – it makes sure that they receive fair treatment and get their dues on time. It also ensures that the working conditions for the employees are satisfactory and well managed.
As for the organisation and the employer – it maintains clarity of rules and regulations to fall back on. It also saves the organisation from penalties and legal actions. And in turn, creates a trustworthy and safe environment.