Payroll is an integral part of all organizations. The payroll department is not only responsible for employees’ salary compensation, but it also plays a vital role in protecting the company’s reputation by ensuring compliance with various legislations.
When we talk about regulations and laws made by the government, our thoughts are directed towards the Indian Labor Laws and Acts. Previously laborers had to face severe discriminations like no right to work choice, unfair and inhuman working conditions, no job security, unfair wages, elongated work hours (OT) with meager wages, child labor and no redressal of their grievances. Thus the government had come up with numerous labor laws to safeguard laborers from those discriminations. One such revolutionary law is fair practice of payroll, where laborers are given fair minimum wages under Minimum Wages Act of 1948. Continue reading “Key Benefits of Payroll Compliance”