With scores of labor law compliances required of Indian companies, organizations can spend a significant amount of time ensuring that they are compliant with all these provisions, with no guarantee of full compliance.
Statutory means “of or related to statutes,” or what we normally call laws or regulations. Compliance just means to comply with or adhere to. So statutory compliance means you are following the laws on a given issue. The term is most often used with organizations, which must follow lots of regulations. When they forget or refuse to follow some of those regulations, they are out of statutory compliance. A company that follows all the rules is in statutory compliance.
Many companies are out of statutory compliance, in part because the cost of following the rule is too high, and/or the consequencesare insignificant to worry about.
Following is the list of statutory compliance:
• The Apprentices Act, 1961
• The Contract Labor (Regulation & Abolition) Act, 1970
• The Child Labor (Prohibition & Regulation Act), 1986
• The Industrial Disputes Act, 1946
• The Minimum Wages Act, 1948
• The Payment Of Gratuity Act, 1972
• The Industrial Employment Standing Orders Act, 1946
• The Employees Provident Fund & Miscellaneous Provisions Act, 1952
• The Equal Remuneration Act, 1976
• The Employees’ State Insurance Act, 1948
• The Payment Of Bonus Act, 1965
• The Payment Of Wages Act, 1936
• The Factories Act, 1948
• The Employment Exchanges(Compulsory Notification Of Vacancies) Act, 1959
• The Trade Unions Act, 1926
• The Workmen’s Compensation Act, 1923
• Inter State Migrant Workmen( Regulation Of Employment & conditions Of service ) Act, 1979