What is Labour Laws
Ensuring compliance with labor laws is essential for businesses to uphold fair and legal employment practices. Here are some key aspects to consider when it comes to labor laws compliance:Key aspects of labour laws include:
1. Minimum Wage and Overtime:
Adhere to federal, state, and local minimum wage laws. Comply with overtime regulations, including accurate classification of exempt and non-exempt employees.Work Hours and Breaks:
Follow regulations regarding work hours, breaks, and meal periods. Keep accurate records of employee work hours.Child Labor Laws:
Adhere to laws regulating the employment of minors, including restrictions on working hours and types of work.Equal Employment Opportunity (EEO) Compliance:
Avoid discrimination in hiring, promotion, compensation, and other employment practices. Ensure compliance with laws related to equal pay for equal work.Workplace Safety and Health:
Comply with Occupational Safety and Health Administration (OSHA) standards to maintain a safe working environment. Provide necessary training and resources for employee safety.Family and Medical Leave Act (FMLA):
Comply with FMLA regulations for eligible employees requiring leave for qualified family or medical reasons.Employee Benefits:
Follow regulations related to employee benefits, including health insurance, retirement plans, and other perks.Employment Eligibility Verification (I-9):
Verify the employment eligibility of new hires using the required I-9 form. Keep I-9 forms up to date and retain them for the required period.Worker Classification:
Properly classify workers as employees or independent contractors. Ensure compliance with laws regarding part-time, full-time, temporary, and seasonal employees.Privacy and Data Security:
Protect employee privacy and comply with data security laws. Safeguard sensitive employee information.Collective Bargaining Agreements:
Comply with terms outlined in collective bargaining agreements if applicable.Record Keeping:
Maintain accurate and complete employment records, including payroll records, for the required time.Whistleblower Protections:
Ensure protection for employees who report violations or concerns in good faith.Compliance Training:
Provide regular training to employees and management on labor law compliance. Staying informed about changes in labor laws, consulting with legal professionals, and utilizing human resources software can aid in maintaining labor laws compliance. Regular audits of employment practices can also help identify and rectify potential issues. Keep in mind that labor laws can vary by jurisdiction, so it's important to be aware of both federal and local regulations.Payroll Compliance
Adhering to statutory compliance is necessary for all companies, regardless of the size of the company to keep their businesses safe from the legal trouble. To minimize the risk associated with the noncompliance of statutory requirements, one should have a strong knowledge of statutory compliance
It is very challenging for employers to manage statutory compliance. Companies have to spend a significant amount of time in their payroll management to ensure that they are compliant with the legal regulations and avoid heavy penalties
Oam Strategic Management Payroll experts team will accurately calculate all statutory deductions and generates consolidated monthly reports and challans of remittances, to ensure that you have complete peace of mind as far as this requirement is concerned
Common Statutory requirements that Indian companies have to follow for their payroll management are:Provident Fund (PF)
Employee Provident Fund is a retirement benefit scheme that is available to all salaried employees. This fund is maintained by the Employees Provident Fund Organization of India (EPFO) and any company with over 20 employees is required by law to register with the EPFO.
EPF is calculated based on Basic+DA received in a particular month and the employee contribution is 12% on the earned Basic+DA. Employer will also need to contribute the same amount in EPF and EPS (Employee's Pension Scheme) accounts together
We help our customers with:- Register New employee and generate UAN
- Upload KYC
- Upload Monthly Contributions and Generate Challan
- Mark Exit employees
Employee State Insurance (ESI)
Employees State Insurance Act, 1948 is a social insurance scheme that would protect the interest of workers in contingencies such as sickness, maternity, temporary or permanent physical disablement, death due to employment injury resulting in loss of wages or earning capacity
Every employee whose gross salary is less than 21000, should be covered under ESI. Currently, the employee's contribution rate is 1.75% of the wages and employer's contribution rate is 4.75% of the wages paid/payable in respect of the employees in every month
We help our customers with:- Register New employee, dependents and create Temporary IP
- Update Nominee/Supose details
- Upload & Create Contributions and Generate Challan
- Mark Exit and out of coverage employees when employee resign from company
