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What does legal compliance mean?
The word "statutory" means "of or relating to law" – rules and regulations. Compliance means obeying. So statutory compliance means adhering to rules and regulations.
Legal: Related to rules and regulations
Compliance: Commitment
Statutory compliance in HR refers to the legal framework that an organization should adhere to when dealing with its employees.
Importance of legal compliance:
Each country has its own state and central labor laws that companies must comply with. To comply with the law, companies must be up to date with all labor regulations in their country and it is mandatory for companies to comply with them.
Failure to comply with these regulations can bring a company into many legal problems such as penalties and fines. That is why every company invests a lot of money, effort and time to meet compliance requirements from occupational tax to minimum wage law. To help with this, the company seeks expert advice from experts in labor law and tax law.
To cope with the challenging regulatory environment, every company must be well versed and aware of all employment law provisions and develop effective methods to ensure compliance and minimize risks.
Legal Compliance (Compliance with Labor Laws in India):
– Compliance with social security regulations
– Wage compliance
– Compliance with labour relations regulations
– Benefits for Women Compliances
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