In the recent decade, we speak and hear everywhere about Compliance Tracker. What does it actually mean?
• Is the compliance tracker required for a successful business?
• Why wasn’t it relevant for a business outlook earlier?
• Was there not any successful business before the advent of the Compliance Management Platform?
Based on these questions being constantly asked in the market and on, my vast experience on the importance of technology in the space of labour law compliance software and Management, I have penned this content. The general connotation of Compliance is a state of being in accordance with established guidelines/specifications to abide by the Industry standards and Government Legislation. A well-built regulatory compliance management system in an organization, reinforces the business ethics and ensures organizational behavior by setting clear business objectives, identifies the boundaries of legal, establishes a system to alert the management as and when the organization is getting close to crossing a set boundary.
Besides, there were successful businesses in the past. Nevertheless, in today’s competitive world, every organization is forced to think, rethink their business strategy and act out of the box for their survival or be successful in the industry due to high customer demands, competition, globalization and revolution in the legislations. None of the organizations wants to spend a disproportionate amount of time and resources collecting data with inefficient, outdated and antique processes. Therefore, an intelligent, effective and solution bound Online would be the right solution for the growth and success of the business.
A well-built Compliance Automation Software tells us what exactly we need to do, when and how we need to comply with requirements in safeguarding health and safety, data protection and many more. compliance management software can also be known as a professional discipline that is required in every industry. Today name any industries BFSI, NBFCs, Hospitals, Vehicle dealers, Manufacturing, Chemical, and Automobile, Irrespective of the size of the organization, as a matter of fact, they require to track their statutory compliance apart from Government Legislation to maintain their standards.
Section 134 (5)(f) of Companies Act,2013 says that the directors should devise proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
There are situations when the directors prosecuted for trivial non-maintenance of Registers, non-display of Abstracts which could be the daily routine. And the management was surprised only when the prosecution notice was issued. And this could have been well identified and rectified in advance with a robust compliance automation software in place.
Now, let’s take a look at some Indian overtime policies
In India, Several statutes regulate overtime, some important legislations are:
The Factories Act
The Plantations Act
The Mines Act
The Shops and Establishments Act
The Minimum Wages Act
Apart from the above, there is certain special legislation(s) with respect to the specific category of workers, which also regulates overtime work.
A sample of such special legislation is listed below:
The Building and other construction workers Act
The Motor Transport Workers Act
The Beedi and Cigar Workers (Conditions of Employment) Act
hr role in company working hours are prescribed in the respective legislations which ranges from 7 hours to 9 hours per day and 48 hours per week. When an employee is allowed to work for more than the prescribed normal hours, then they are to be paid overtime wages i.e.twice the ordinary rate of wages as per labour laws. However, the total number of hours of overtime work allowed to work by an employee is subject to the limit prescribed in the respective legislations.
If you need legal help regarding violation of any of the legal rights as an employee or an employer, Connect to Aparajitha Corporate Services who have a team of renowned experts to understand the complexities of hr laws in india and Industrial Law Compliance in India. They are knowledge expert from various backgrounds including regulation, compliance, legal, technology, risk management and human resources.
Just email your queries at [email protected] or contact us to connect with experts for resolving your legal worries.