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: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: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:Our mission is always to provide the highest quality services to our client. Our customer-focused mindset has earned us accolades for offering best service and support in the industry.
To Excel And Keep Achieving New Levels Of Service. The Formula Behind The Success Of Our Firm's Services Is Simple And Well-Developed. We Combine A Team Of Experts, Systematized Processes And Procedures To Ensure Our Clients Receive The Very Best Services To Support Their Unique Business Needs.
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