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In case you are new to the term “statutory compliance”, it refers to the legal frameworks within which each and every organization should deal with its employees. Countries have their own set of central and state labor laws that companies need to adhere to. This list keeps getting updated every now and then. Companies need to ensure that they are compliant with these laws. If not, the business will have to face a lot of legal issues.
Therefore, companies need to be well-versed with the labor regulations in their country of operation. Be it the payment of wages or offering maternity benefits, companies need to be fluent with the regulations intact in their operating nation. The main advantages of outsourcing compliance are: Proper corporate governance Reduced labor overheads On-time compliance with all the statutes and labor laws in place Avoidance of costs that might arise out of non-compliance. Proper maintenance of all records that are related to compliance.