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1. INDEX
 Meaning of Statutory
 The key benefits of statutory compliance
 Labour laws of statutory compliance

2. Meaning of Statutory
The word ‘statutory’ has been derived from the word ‘statutes’
meaning law. It is associated with a set of rules and norms or a
legal framework to which every facet of a company needs to
adhere to in order to function successfully. Benefits of Statutory
Compliance

3. The key benefits of statutory
compliance are as follows:
 Statutory compliance helps your company steer clear of
unwanted legal encumbrances
 Statutory compliance saves your company from worst
consequences such as hefty fines, penalties and even shutting
down.
 Statutory compliance of a company ensures just and fair
treatment of work force
 Statutory compliance ensures a peaceful, pro-work ambiance
at workplace free from employee unrest and things like strike,
work boycott, violent revolution

4. Labour laws of Statutory Compliance
Some of the most notable inclusions into Labor laws of statutory
compliance include
1) The labor welfare fund act
 As per the norms of the act, the companies are required to maintain a backup
of funds to support general welfare of the laborer which, as is believed, is the
laborer’s social right
2) The payment of bonus act
 As per act a company is to pay extra bucks in the form of bonuses to
employees and this payment is to be done on the basis of production or profit
brought to company through the services of employees
3) The payment of wages act
 As per act the company needs to pay wages to employees for their services
on time. The wages may vary as per job role. The act specifies payment
mode, payment time and permissible deduction on wages

5. Labour laws of Statutory Compliance
4) The maternity benefit act
 As per act, the company needs to offer certain benefits to its woman
employees before and after child birth such as maternity leave etc.
5) Employee compensation act
 As per act, employees need to be compensated for any losses or mishaps
occurring in office during the duty hours by the employer.
6) Equal wages act
 As per act, equal wages is to be given to employees with no explicit or implicit
discrimination based on sex, caste, creed, race etc.

6. Labour laws of Statutory Compliance
4) The maternity benefit act
 As per act, the company needs to offer certain benefits to its woman
employees before and after child birth such as maternity leave etc.
5) Employee compensation act
 As per act, employees need to be compensated for any losses or mishaps
occurring in office during the duty hours by the employer.
6) Equal wages act
 As per act, equal wages is to be given to employees with no explicit or implicit
discrimination based on sex, caste, creed, race etc.