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:
·
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”
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