With the expansion of industrialization since the second half of the twentieth century, the government of India has taken a keen interest in securing the future of employees or workers by enacting different provisions, acts and legislations.
Such is the labor law consultancy, which provides great benefits to employees if used properly. The benefits that employees or workers in an organization can get from their respective employers are as follows-
Maternity Benefit:
The Maternity Benefit Act, 1961 under labor law consultancy benefits all women who are expecting child get the benefit of average pay for six weeks before delivery. The act benefits the women employed directly or indirectly through a contract except those who working in mines or factories. It incorporates with the state labor law and maternity benefits law.
Provident Fund:
Employees provident Fund and MP act, 1952 under labor law consultancy provides benefits to employees of their provident fund. An employee and the employer contribute equally for the provident fund which is neither withdraw able not attachable by the employer or the employees except of certain circumstances like marriage, buying of house. However, this benefit is very much in benefit of the employees as the employee enjoys social security of employment.
State Insurance Benefit:
Employees State Insurance Act, 1948 under labor law consultancy provides another great benefit to the employees employed in an organization. Every employee during the time of employment is covered with state insurance that insures the future security of employee and his/her family.
Wage Benefit:
The Minimum Wages Act, 1948 under labor law consultancy provides a great benefit to employees. Every employer needs to pay the amount discussed at the time of employment in any circumstances. Moreover, there are provisions for overtime wages where an employer needs to pay double if an employee does overtime in employer favor.
Benefit of Bonus:
The Payment of Bonus Act, 1965 under labor law consultancy enacts the right of the employees to get a timely bonus for the service they provide to the employer. If an employee have worked for a full 30 days, then an employer have to pay bonus of minimum 8.33% as stated in this act. It is mandatory for providing bonus from a government-listed company even if the company is running in loss or there is little or no profit.
Equality in Pay scale:
The Equal Remuneration act, 1976 under labor law consultancy is another act that provides benefits to the employer. As per the law, there should be no discrimination in employment of women and men. Every employer is bound to pay equal salary to everyone irrespective of gender, race, color, religion or ethnicity.
Importance of Legal Compliance and Solution Firms
Legal compliance is the process or procedure to ensure that an organization follows pertinent laws, regulations and business rules.[4] The definition of legal compliance, particularly in the setting of corporate legal departments, has recently been prolonged to include understanding and observing to ethical codes within entire professions, as well.
Online Payroll Management System India – Best Solution
The Online payroll management system available in India provides the best solution to online management of payrolls and attendance. The organizations that have installed this system can avoid the complications on account of the payroll software and moreover they can be free of the cumbersome statutory calculations. The online system is free of location barriers.
Significance of Proper HR Policies for the Employee Retention
HR policies are nothing but guidelines drafted and reviewed time to time in order to get various benefits at both ends. It developed by the administration and the purpose of these policies is to manage its employees in one single framework applicable to each and every employee irrespective of their designation in the company.
