The list of acts covering labor laws includes the Factories Act, which ensures safe working conditions in factories. The Minimum Wages Act sets the minimum wages for various categories of workers. The Payment of Bonus Act mandates the payment of bonuses to eligible employees. The Employee State Insurance Act provides social security benefits, including medical care and cash benefits, to employees and their families. The Industrial Disputes Act regulates industrial relations and provides mechanisms for dispute resolution between employers and employees.
Businesses often require various licenses and registrations to legally operate. These include the Shop and Establishment License, essential for businesses with physical premises. GST Registration is necessary for businesses dealing with goods and services and exceeding the turnover threshold. The Trade License ensures compliance with local municipal laws. FSSAI Registration is mandatory for food businesses to ensure food safety standards. Professional Tax Registration is required by states for collecting taxes from salaried employees and professionals.
The Employees’ State Insurance (ESI) Act provides social security benefits to workers and their families. It includes medical benefits, maternity benefits, disability benefits, and dependent benefits. The scheme is administered by the Employees’ State Insurance Corporation (ESIC), funded by contributions from employers and employees. ESI ensures financial protection and access to healthcare services for covered employees in times of need.
Professional Tax is a state-level tax imposed on individuals earning an income, including salaried employees and professionals such as lawyers, doctors, and consultants. Employers are responsible for deducting this tax from employees’ salaries and remitting it to the state government. The tax rates and slabs vary from state to state, and individuals need to register and pay this tax as per their income bracket.
Professional Tax is a state-level tax imposed on individuals earning an income, including salaried employees and professionals such as lawyers, doctors, and consultants. Employers are responsible for deducting this tax from employees’ salaries and remitting it to the state government. The tax rates and slabs vary from state to state, and individuals need to register and pay this tax as per their income bracket.
Salary administration involves managing the entire process of employee compensation within an organization. This includes calculating wages, bonuses, benefits, and deductions accurately and timely. An audit of salary ensures compliance with labor laws, tax regulations, and company policies. It verifies payroll accuracy, tax withholdings, and adherence to employment contracts, promoting transparency and fair treatment of employees.
Compliance and liaising involve ensuring that businesses adhere to relevant laws, regulations, and standards. This includes labor laws, tax regulations, industry-specific requirements, and more. It also involves coordinating with government authorities, regulatory bodies, and stakeholders to ensure smooth operations. Compliance ensures legal and ethical practices, while effective liaising fosters positive relationships and streamlined processes within and outside the organization.
Email: compliance@ycs.org.in
Phone: 9901996281