What is the service about ?
India has seen a huge development of business and economic growth in recent times, especially in light of the most fruitful concept of “ease of doing business,” where a lot of bilateral trades with foreign countries have been executed, thus resulting in huge investment in India for the purpose of opening abundant channels of business and thereby creating economic and employment opportunities for the locals. It is therefore very appropriate that wherever there is business thriving, it is always accompanied by a set of laws mainly related to employees and upholding of their service conditions in a fair, reasonable, and lawful manner. Labour law compliance in India is basically a set of terms or conditions of employment involving adherence to various statutory regulations and requirements. For carrying out new and existing businesses, all enterprises are required to meet statutory compliance requirements under the various regulatory acts enacted by the government in power from time to time.
This envisages the onerous task of upholding several National labour laws, labour acts, and labour rules that an entity, whether small, medium, or large, is meticulously required to follow. If the so-called proprietary, public, and privately limited companies fail to comply with the regulations, then it may lead to punitive action from the concerned authorities who have been bestowed with the power to inspect and penalise if need be. There are central laws as well as state laws with which a business is required to comply, depending on the nature and type of business.
Labour law compliance in India is primarily focused on safeguarding the rights of employees. It regulates companies, workers, and trade unions through several compliances aimed at securing the rights of the workers and labour at large. Even under the best of circumstances, the conflict of interest between the working class and management often gives rise to misunderstandings by way of workers’ efforts to achieve higher wages and other economic benefits, security of employment, greater freedom, and dignity at the workplace, which are always viewed with a suspicious attitude.
Thus, in the various schemes of things, governance has been put articulately in place, which is required to be adhered to in terms of:
- Registrations and Renewals of Licenses
- Maintenance of Registers and Records
- Filing of Periodic Statutory Returns
- Implementation of Contract Labour Act for Indirect Vendor Employees
- Payment of Provident Fund Contributions
- Payment of ESI Contributions
- Payment of Gratuity Contributions
- Payment of Full and Final Settlement on Exit
- Payment of Compensation in Accidents and Deaths
- Payment in terms of Suspension, Retrenchment, Layoffs, etc.
- Payment to Indirect Employees in relation to Service Conditions by Vendors
How we do it and by using what tools ?
As we all know, regulatory compliance is a set of rules, such as a specification, policy, or law, that ensures an organization or a business house is following the standards set for the industry or institution by the respective authority. The rules that govern the organizations are usually set by the government, parliamentary legislation, or government regulatory authorities for organizational, social, environmental, and economic betterment. The norms and rules are related to various issues, such as economic, public interest, and environmental. This entails that, apart from procuring labour law registrations and licenses for the running of businesses of all shapes and sizes, the law provides for the monthly maintenance of statutory registers and statutory returns as per the applicability of the various acts and rules enacted for this purpose. In short, it is a compilation of data to be displayed to the authorities as per formats and norms for ensuring that employee-related benefits are lawfully bestowed on the employees or workers, as the case may be, without any lacunae.
As a global consulting giant, we have made a foray into the digital world by evolving a tool called “WeProcess”, which is a valuable digital container holding together as a cohesive unit all the regulatory compliances of the entity or establishment. The artificial intelligence with the chat bot popping up as a support tool keeps a hawk’s eye on the level of compliances required to be adhered to by the establishments who are keen to be ethically compliant as per global norms and practices and also to be labelled as a “Good Place to Work”.
The “WeProcess” tool in a way also offers tremendous assistance to the principal employer or to an industry, big or small, in a full-fledged diagnostic mode to check whether it is following proper regulatory compliances for itself or not. The industries must toe the line with the regulator to be fully compliant, or else they may have to face necessary interdictions by the appropriate authorities, which can be both an embarrassment and also a fallout in their reputation or image.
What value does the client benefit get ?
The advantages to the clients will be manifold, in the sense that scrutiny or observations of the compliance processes maintained for the clients on its behalf by Karma Management Global Consulting Solutions Private. Ltd. will be available in this “WeProcess” tool as a snapshot, or the glimpses of the verified numbers will reveal the progress flow of compliances for the week, for the month, for the quarter, for half-yearly, and for the full year as well. There will be alerts, notifications, and updates on a regular basis from the system, informing promptly of the well-being status of client compliances, and independent login credentials will also be available throughout the time.
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