Statutory Compliance

Every organization has the responsibility of abiding by the law of the land, when it comes to Statutory Compliance. Given the pace of economic reforms, companies are constantly under pressure to play catch up with the latest amendments or new policies mandated by the regulators or the political hierarchy. In most cases the “land” is not a single entity, adding to the complexity for companies operating in multiple locations. Yet, the onus of risk mitigation of non-compliance rests with the organization. Any violation results in financial loss and legal action against the organization. To mitigate these problems, Beacon Solutions provides increased control and visibility over compliances across the terrain, which will consume less time and cost for an organization.

There are several aspects to Statutory Compliance where Beacon Solutions can help as a partner. The process typically begins with a compliance audit. The outcome of the audit provides the following key findings:

• Applicable Acts for the organization
• Timelines related to these Acts, on monthly, quarterly and annual basis for filing returns
• List of Statutory Records/Formats that must be maintained based on the applicable Acts
• Current gaps in Statutory Compliance based on the observations above

The team at Beacon processes the findings from the audit and presents the client organization with a menu of support services that can be provided. These include:

• Documentation and application support under various Acts.
• Access to local and regional expertise
• Audit and inspection support
• Updated calendar of applicable timelines for adherence to regulations

Generally, the following Acts are covered under Beacon’s services. However, any additional or client specific compliances may also be identified during the audit and covered, if necessary:

• The Factories Act
• Shops and Establishments Act
• Professional Tax Act
• Labour Welfare Act
• The Minimum Wages Act
• The Payment of Wages Act
• The Apprentices Act
• The Employees Provident Fund & Miscellaneous Provisions Act
• Building and Other Construction Workers Act
• The Employees’ State Insurance Act
• Sexual Harassment of Women at Workplace Act
• The Maternity Benefit Act
• The Employment Exchanges (Compulsory Notification of Vacancies) Act
• The Payment of Bonus Act
• The Contract Labour (Regulation & Abolition) Act
• The Child Labour (Prohibition & Regulation Act)
• The Industrial Disputes Act
• The Payment of Gratuity Act
• The Industrial Employment Standing Orders Act
• The Equal Remuneration Act
• The Employee Compensation Act
• The Interstate Migrant Workmen (Regulation of Employment and Conditions of Services) Act