Statutory Compliance is a legal framework within which an organization should operate while dealing with their employees. A lot of your organization’s time, effort, and get into guaranteeing that payroll is compliant through a Statutory Audit. From employee’s fair treatment of labor to protecting the corporate from unreasonable wage or benefit demands from trade unions or aggressive employees, every company faces a worrying range of potential legal problems regarding compliance.
Ignorance is an excuse. With the functional expansions in the organization, it becomes difficult to track and monitor the compliance. Non-compliance can lead to hefty fines and can even jail term for the management personnel which will tend to create a negative impact on the company’s reputation. Every organization is adhered to by law so it becomes mandatory to comply with the statutory, regulatory, or internal rules and regulations which in return helps you to the overall management and track the compliance and helps to mitigate the risk for your organization.
Indian Statutory rules are the most complex and so, Zimyo’s Payroll management simplifies these compliance for you.