Compliances
HR compliance management is the process of building policies and procedures that ensure your organization follows up-to-date labour and employment laws and regulations. Not only does HR work to align workplace policies with the local and federal laws, but they also enforce the procedures to ensure all employees follow them. HR compliance is important to your business because all employers need to meet their legal responsibilities. Non-compliance will lead to fines, penalties, or even a lawsuit which can create a negative impact to your business.
Provident Fund
Provident Fund is nothing but A Savings Plan for the Salaried Individual is a combined contribution from you as well as your employer that is deducted from your salary every month and put away in a PF account. It is a compulsory, government-managed retirement savings strategy for employees, who can contribute a part of their savings towards their pension fund, every month. This tricky task from an HR day to day schedule is now been automated by AmigoHR.
Employee State Insurance Corporation
Employees State Insurance Scheme of India is a multi- dimensional Social Security Scheme tailored to provide Socio- economic protection to the 'employees' in the organized sector against the events of sickness, maternity, disablement and death due to employment injury and to provide medical care to the insured employees Thus, It needs to be calculated accurately. So, not to worry because you have us. AmigoHR calculates these additional deductions based upon salary and makes it very handy to the employees as well as HR. It benefits an individual by giving an unemployment allowance equivalent to 50% of the wage for up to two years.
Profession Tax
Different states have different rates and methods of collection. In India, profession tax is imposed every month. However, not all states impose this tax Professional Tax is levied by the State Government on all types of professions, trade and employment depending on the income threshold set for the same.
VPF Configuration
Voluntary Provident Fund (VPF) is the voluntary fund contribution from the employee towards his provident fund account. This contribution is beyond the 12% of contribution by an employee towards his EPF. The maximum contribution is up to 100% of his Basic Salary and Dearness Allowance.
Labour Welfare Fund
Labour welfare fund is a statutory contribution managed by individual state authorities. The state labour welfare board determines the amount and frequency of the contribution. The contribution and periodicity of remittance differs with every state. In some states the periodicity is annual (Andhra Pradesh, Haryana, Karnataka, Tamil Nadu etc) and in some states it is to be contributed during the month of June & December (Gujarat, Madhya Pradesh, Maharashtra etc).
Income Tax
Income tax is a government fee you pay based on how much money you make. Individual income tax is computed on the basis of income received. It is usually classified as a direct tax because the burden is presumably on the individuals who pay it. Thus, AmigoHR has come up with easy and automated calculations for income tax filing. Which now becomes easier for the individual as well as the HR as we lessen their burden of lengthy calculations.