Skip to main content

Understandings with Employment Laws and Payroll Management:

#disruptHR Part 3: Taking on the payroll big boys and girls


Understandings with Employment Laws and Payroll Management:

Background:

                Payroll Management is a complex and most instructing job in the finance department. Salary & Wage management plays too much important role in business, with the passage of time the significant of the payroll increase due to the labor laws. The Main purpose of this management system is to make the Salary and Wage distribution management more effective and efficient. 

Because Salary is the system on which basis a labor can be motivate to hire a business organization.
That’s Employment laws can also help the employers.  Employers get the information about the every employee job work and his important role for the business organization. There are too many laws which helps the employers and employees both to perform operations in a very cost-effective and efficient ways. The Organization's growth ratio is depending upon the compensation packages which they offer to their employees.

The Aim and Purpose of this article or blog is to write about those all important points which  a professional Financial accountant needs to understand during his services in  payroll management department.  

Payroll Overview and Employment Laws :

                According to the most common difference between Wage and Salary. A person who is working earning on per hour, that is known as wage and he/ she eligible for receiving overtime. The Person who  earned money in a fixed amount after a specific fixed period, that is known as salary. But there are many legislative factors and  things, which are very necessary for payroll management accountants  and these are as follows:

·         The must need the proper information about Payroll Classification and objectives.

·         There is a big difference between Wage and Salary, I wrote about the difference in the upper lines. Wage is on hourly basis and Salary is award after a fixed interval of time and in agreed fixed price.

·         Financial Accountant must need to know about the constitutional obligations and practices for payroll management. Because every business organization are unique from others due to their operations and difference in business market industries.

·         Understandings with overtime labor laws are necessary. Normally the overtime law is 1.5  multiplies with his normal rate if he works more than 40 hours in a week. Working hours calculations are different in provinces  or states and in Central or federal areas.

·         Payroll management system determines the factors, effects and legality. It defines the minimum wage rate, legal labor issues and their solutions.

·         Employment Labor laws clearly defines the bonus salary or wage its concept, types and distribution mechanism.

·         Labor laws of every country defines the gratuity and provident funds, its calculation mechanism, concept and their difference. The laws of gratuity and provident funds can be change with in the country central and state level governments.

·         Employment Labor laws defines the worker welfare funds and its overall importance and distribution mechanism.

·         Labor laws tells us about the fringes, benefits and compensations as per its legal and legislative laws. It defines the level of the job, its grading and salary structure through it. The labor laws helps us to understands the compensation rules.

·         We can understand the rules of terminations and its types through labor laws. There is too much difference between labor compensations and their performances.

·         The Employment Laws explain all the procedures and roles of the judiciary forms (sales – Form) .

·         Any kind of problem related to payroll must be a part of this law and the recent judgements of law over the basis of wages and salaries must be written with these laws.  

The Purpose of Employment law  and building the payroll monument system easy and understandable of the issues like man power and the offered and agreed compensations packages to tem over their services and work.


“ The Passage is taken by   “A TCS Company Octara Training| Conferences | Publications”. Their  training session “ Salary & Wage Management in accordance with employment Laws”. The Course facilitator is Asif Amin who has experienced in MNC’s and National Organizations of Pakistan” 
Labels:

Comments

Post a Comment

Popular posts from this blog

Financial & Non -Financial Benefits from the Membership of Chamber of Commerce & Industry.

We know every business firm , commerce department, trading venture, and industrial unit always needs, Visibility to stand out and get noticed as an active participant in the society. The eventually prefer to avail growth opportunities through the provision of quality training and educational activities and through different events. They require Credibility through their production activities and services provision, which helps them in building a reputation. The holder of this membership can enjoy and avail members of member discounts to improve their purchasing power and all other offers and benefits as offered from time to time. That also helps them to build their communityNetwork and to make them socially powerful and these professional relationship helping them to get a plate forum that advocates on their behalf. This all means all industrialist, businessmen, and corporate identity holder (Only Owners of the Corporates or in some cases their partners and directors)   must ...
3 comments
Read more

ELEMENTS OF ACCOUNTS:

ELEMENTS OF ACCOUNTS:                 Accounting is the art of collecting, separating, analyzing and recording the financial transactions of the business in a certain economic period. There are two different methods or system to record the accounting transactions, one is Double Entry system and the other one is single entry system. Double Entry System is used by corporate accounting business and MNCs . Single Entry System is use by Nonprofit or Charitable Organizations.                 There are three elements of the accounting transactions and every business financial transaction must be fall in one of them. These Elements are Personal Accounts,  Real Accounts and Nominal Accounts. The Further explanation regarding these accounts are as follows: Personal Accounts:        ...
7 comments
Read more

ACCOUNTING CYCLE

Accounting Cycle:                 Accounting is the field of study which tells us about how to collect the economic figures, evaluate and analyze them and  record them  in a very respectable and professional way to present to the business stakeholders and helps them to collect the required information from the pool of business transactions. That is an art and we also knows it with the name of book keeping. As I write in the above paragraph accounting of business financial transactions is an art of collection, evaluation, analyzing, recording and presenting to the business management and stakeholders. That complete process is based on some steps of activates which are commonly known as accounting cycle. That Accounting Cycle is consist of 7 different steps  which are Source Data, Journal, Ledger, Trial Balance, Adjustment, Closing Accountings and Stock Valuation and Preparation of Fina...
4 comments
Read more