Payroll Services
For any business organization, whether small, medium or large managing its payroll is not only time consuming job in term of man power but also do not generate any income to the organization. It is virtually impossible for the management to make compliances up-to date and that to on time as the rules and regulation of various applicable labor welfare laws keep on changing time to time. Therefore, keeping in view the complicity and to get away from this tedious job, outsourcing of payroll management is only solution. It involve hiring an outside agency to do the routine work of salary calculation and its disbursement on prefix date to the employees account online and to comply with related statutory compliances on regular basis.
Definition of Nominee Director under Companies Act, 2013:
Explanation to Section 149 (7) of the Companies Act, 2013 defines "nominee director" as a director nominated by any financial institution in pursuance of the provisions of any law for the time being in force, or of any agreement, or appointed by any Government, or any other person to represent its interests. It is also to be noted that the Nominee Director cannot be treated as Independent Director in a company {Section 149(6) of the Companies Act, 2013}. Section 161(3) authorizes Board to appoint any person as a director nominated by any institution in pursuance of the provisions of any law for the time being in force or of any agreement or by the Central Government or the State Government by virtue of its shareholding in a Government company. Furthermore, the Debenture Trustees are also required to appoint nominee directors on the board of company to protect the interests of the debenture-holders and redress their grievances {Rule 18(3)(e) of the Companies (Share Capital and Debentures) Rules, 2014}.
Benefit of outsourcing such services.
- Services from qualified professional at economical price.
- Timely disbursement of salary to the staff.
- Cost effective in term of manpower.
- Settlement of employees grievances.
- Timely compliance of all applicable rules and regulation.
- Professional team to address Legal notices and their action.
- Focus on core activity by the management.
Payroll Management Services include
- Managing attendance records, leave records and pay register
- Processing of salary as per the data supplied by the client such as - Salary Structure, Attendance, Incentive, Parcugits, other benefits, Salary Increment etc.
- Disbursement of Salary online and on time.
- Issuance of monthly salary slip to the employees.
- Preparation of Salary Register.
- Monthly Salary Report to the management.
- Redressal of employees grievances
- Timely compliance of all applicable rules and regulation.
- To attend all legal notices received from Government Departments.
- Calculation of leave encashment, overtime, bonus etc.