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The Employee provident fund (EPF) is a government-backed Retirement Benefits Scheme for the salaried members which is maintained by the Employees Provident Fund Organization (EPFO).  On a recent notice, EPFO mentioned why it is important to file an e-nomination. It stated for one to have the funds available from PF and insurance benefits in a timely manner or in an unfortunate scenario on a member’s sudden demise, the member nominated can be ensured to have the settlement in a seamless manner.  Who are entitled for e-nomination In the case of a male member, his wife, his children, whether married or unmarried, his dependent parents and his deceased son’s widow and children; Provided that if a member proves that his wife has ceased, under the personal law governing him or the…

In a highly competitive market where businesses operate, to acquire the right vendor for the organization often the process of Vendor due diligence rests primitively to eliminate any possible risk in partnering with a potential vendor. It could either be buyer-side due diligence or seller-side due diligence, before partnering with a client.  Why is vendor due diligence assessment necessary? To understand the organization’s legal stability, reputation, threats, or any other issues that are related to an entity's compliance, vendor due diligence becomes an imperative tool. The comprehensive process varies according to the business operation modules and aligns with the frequency of the risk management.  What are the objectives? Having a successful vendor associate is a necessity rather than a want in today’s business world. The due diligence process gives a…

Employees’ State Insurance Corporation (Minister of Labour & Employment, Govt. of India) Sub: SLP No.811/2021 in the matter of ESIC V/s M/s. Texmo  The Supreme Court has confirmed that Travelling Allowances should not be considered as part of wages for the purpose of calculating ESI dues.  This comes into effect from 8th March 2021.  Reference: Supreme Court judgment on conveyance allowance

How interrelated are the functions of any department in an organization? Are they interlinked? How do they function individually and as a cluster of interdependent functionalities? How can one manage all of them, or a few of them while outsourcing non-core-related work to win their game? Let us understand here - It’s like this: imagine yourself as the head of a corporation, even before ideating the very purpose, you would tend to understand the product/ services, what you look at solving to give back to the target audiences, capturing the percentage of market share, the way forward plan and also the expansion strategies. So, how could you understand the functionalities to achieve each of these objectives and to bank on purposes making it stronger and to strengthen your base and…

In the emerging Start-up ecosystem in the country, compliances scalability is emerging as an important parameter in determining the success or failure of the organization! In the past, owing to many social and technological advancements, there has been a significant rise in the number of start-ups in a bid to affirm their identity in the industry.  All the successful start-ups in India, such as SWIGGY in food delivery, OYO in hospitality, OLA in travel, and PAYTM in finance, have had robust Statutory Compliance support, for their success.  In theory, regulatory compliance indirectly shapes and supports the goal that organizations aspire to achieve and the steps taken to comply with the relevant laws and regulations. In India, it is always a tricky part to comply with all the laws and regulations…