Understandably, punctual payment of salaries plays an important role in keeping up staff morale. It is also essential to maintain harmonious equation with the employees.Payment of salaries should normally be a simple task. However, the taxation rules are getting increasingly complex and can lead to awkward and heavy penalties for errors. And, employee options and accounting needs, can add- in many other requirements.These intricacies prove too difficult for small and medium business and thus prevent them from concentrating on regular business.Outsourcing payroll processing services to an experienced service provider can simplify the entire procedure by bringing in necessary resources, and skills.
There are many reasons why a company may choose to go with a payrolloutsourcing option. The most common is to save time and money on the handling of financial tasks associated with a payroll. By contracting with an outside vendor/partner, it is possible to restrict the payroll team to a few individuals within the company. Often, these designated individuals are authorized to supply basic data to the payroll service, which then handles the rest of the details. As a result, there is no need for anyone to spend a majority of the workweek calculating hourly wages, taxes, and dealing with various types of withholding issues.

COMPENSATION & BENEFITS

The basic components of employee compensation and benefits

Employee compensation and benefits are basically divided into four categories:

1. Guaranteed pay - monetary (cash) reward paid by an employer to an employee based on employee/employer relations. The most common form of guaranteed pay is the basic salary.
2. Variable pay - monetary (cash) reward paid by an employer to an employee that is contingent on discretion, performance or results achieved. The most common forms are bonuses and sales incentives.
3. Benefits - programs an employer uses to supplement employees' compensation, such as paid time-off, medical insurance, company car, and more.
4. Equity-based compensation - a plan using the employer's share as compensation. The most common examples are stock options.

Compliance Management Services

Eyeglobal Technologies is the best enabling partner for your compliance with law. We offer Compliance Management related to labour laws that enable our Customers to focus on their core business while ensuring them to be law abiding entities.

Eyeglobal Technologies takes care of all aspects of statutory compliances from licensing to handling inspections by government officials. Maintaining the registers, records and filing returns along with due payments will be taken care of.

Eyeglobal Technologies also facilitates the process of clients obtaining the necessary exemptions for un-interrupted and hassle-free operations. We will apprise the client of any changes in the legislations for appropriate and timely actions to ensure complete compliance.

The professional service offered by Eyeglobal Technologies

• Liaison with Factories (if the resources are more than 20), Labor, ESI and PF authorities
• Maintenance of statutory registers, records, notices and returns
• Continuous monitoring of required compliances
• Nominations under different legislations
• Remittance of statutory payments
• License application/amendment/renewal
• Benefits under labour legislations
• Accident coordination activities
• Information about labour legislations amendments/notifications