- January 30, 2023
- Posted by: admin
- Category: Compliance Service
Statutory compliance for manufacturing company means a company’s procedures should adhere to the regulations created by the local, state, and central governments. The manufacturing industries deal with a huge number of laborers, employees, and workers that serve as human resources and bring along a lot of potential to the company. They are an asset to the company and it is important for engineering companies to protect the interest of the employees.
Statutory Compliance That Industry Must Comply With:
- The Factories Act, 1948
- The Minimum Wages Act, 1948
- Workmen’s Compensation Act, 1923
- The Apprentices Act, 1961
- Trade Unions Act, 1926
- The Industrial Dispute Act, 1947
- The Child Labour Act, 1986
Applicability of The Apprentices Act, 1961
The act is relevant for individuals who are undergoing training. An individual is not eligible to be hired as an apprentice in a recognized trade unless they have pursued apprentices training in that trade. They should not be less than 14 years of age and meet the physical fitness standards of the education as required.
Applicability of The Industry Dispute Act, 1947
The industry dispute act looks after the relationship between an employer and an employee. The purpose of the act is to maintain peace and harmony by establishing procedures for the investigation and resolution of industrial disputes via discussions.
Applicability of The Child Labour Act, 1986
Now, the child labor prohibition act needs to be followed stringently by the industries. As, a child under the age of 14 should not be employed in the industry. Also, they should not be employed for dangerous work.
Applicability of The Minimum Wages Act, 1948
The act is established with an aim of guaranteeing a minimum wage rate in the workplace. The legislation offers the minimum wages that should be paid to the workers.
Applicability of The Trade Unions Act, 1926
To begin with, the trade unions act refers to the establishment of a trade union by the employees for representing their work conditions or proposing any demand to the employer. Moreover, the act consists of discussing the concept of collective bargaining. Basically, this enables the employees to bargain about wages, benefits, pay, and working conditions with the employer.
Applicability of The Factories Act, 1948
Firstly, the factories act 1948 takes refers to the worker’s health, working hours, safety, leaves and welfare. It also takes into consideration the hazardous processes in the industry, factory inspections, employment of minors, and the penalties that violate the act’s provisions. Also, as per the act, the working hours are confined to 9 hours/ day and 48 hours/ week. There is also a provision for women working before 6 PM and after 7 AM.
Applicability of Workmen’s Compensation Act, 1923
The workmen’s compensation act looks after the compensations offered to workers who get injured during the course of their employment/ contract occupational disease. Additionally, the act was established and applied for offering compensation to the workers with an aim of supporting their treatment.
Applicability Of Employees Provident Funds
It is mandatory for commercial establishments and business entities with at least twenty employees to be a member of the Employees Provident Funds.
Eligible Employees under Employees Provident Funds:
For employees who are drawing less than 15000 per month.
When assistant Provident Funds commissioner grants permission to the employees whose salary exceeds 15k per month.
Benefits to the Employees
- No need for a one-time investment
- The deduction will be made every month from the employee’s salary
- Receive huge sum of money at the time of retirement saved in the long term
- It helps the employees during an emergency
Evidently, you must choose an experienced and reliable third party statutory compliance service provider like Trivedi and Associates Tecknical Services (P.) Ltd. to verify if your manufacturing company is adhering to the regulations and receiving the certification of compliance. Contact us to know more!
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