A lot of your organization’s time, effort and money go into ensuring that the statutory compliance is done on time. From employee’s fair treatment of labour to protecting the company from unreasonable wage or benefit demands from trade unions or aggressive employees, every company faces a worrying number of potential legal issues relating to compliance. However, it may never be a company’s intent to break these laws, but without necessary protection, it may easily slip through the cracks. The word statutory means “of or related to statutes”- rules and regulations. Compliance means adherence. Thus, Statutory Compliance means adhering to rules and regulations. Every country has its own set of state and central labour laws that companies need to comply with. Dealing with statutory compliance requires companies to be updated on all the labour regulations in their country. It is also mandatory for companies to adhere to them. Non-compliance with these regulations can cause a company a lot of legal trouble such as penalties and fines. That is why every company invests a huge amount of money, effort and time to meet compliance requirements from professional tax to minimum wages act. To help in this, the company seeks expert advice from labour law experts.
