A significant amount of time, effort and resources may or may not ensure adherence to payroll and statutory compliances in a payroll (compliance) audit. Non-compliance of statutory wages, social security of workers could lead to financial implications of the company or a risk of prosecution among other issues.
Not adhering to Employee Provident Fund (EPF) /Employee State Insurance (ESI) could cause significant damage to the reputation of the company apart from heavy penalty and damages.
TeamLease with its proven expertise, adequate skill sets, PAN-India presence, and well-defined process and with appropriate technological support could facilitate Payroll Compliance Services (PCS).
We ensure employers are complied with, in the following statutory compliance.
Employees’ State Insurance Act, 1948
Employees’ Provident Fund and Miscellaneous Provisions Act, 1952
Employee Compensation Act, 1923
Payment of Gratuity Act, 1972
Minimum Wages Act, 1948
Payment of Wages Act, 1936
Industrial Establishment (National Festival) & Holidays Act 1963
Labour Welfare Fund, 1953
Tax on Professions, Trades Callings & Employments
Sexual Harassment of Women at Work (PP & R) Act, 2013
Equal Remuneration Act, 1976
Maternity Benefit Act, 1961
First time employees hold the option to opt out of EPF and EPS subject to PF wage higher than 15K per month
According to the ESIC Scheme there is that no upper limit of medical expenses is capped, if ESIC hospital does not have required then ESIC can refer such patients to private hospital having such facilities and reimburse the bills directly to the service provider hospital
Pension allowed to defer for a maximum of 2 years (60 Years) - 4% additional pension will be paid for every year of defer. Early Pension application allowed from the Age of 50 years before completing the age of 58 years
Nepal and Bhutan nations will not be treated as International Worker for EPF enrolment purposes