Protection of Labor rights is a serious objective of the Government and has consequently, implemented several laws to support the same. Wages Protection System is a key component of these initiatives. This system allows the authorities to monitor the wage / salary payments to employees and identify mal-practices. Significant fines and penalties are associated when non-compliance is identified.
Payroll management and accounting is a key requirement for any business in the country which has employees on its license. This again is a support activity and has the potential to divert the business focus from their core activities of business development and management. Inadequate management of this activity has scope to have a direct financial impact on the business based on the penal actions by authorities concerned.
What exactly does Overture offer?
- We set up your employee details on the payroll accounting system with all requisite details
- We set up the salary structure by way of various components, like basic, allowances, HR, etc
- We ensure proper accounting of salary advances
- We ensure proper accounting of staff loans or deductions if any
- We set up processes to allocate EOSB liabilities for current period
- Monthly salary calculations are undertaken based on your business practice of hourly rates, monthly rates, absence policy, etc.
- We generate your employee pay-slips
- We undertake setting up of WPS arrangements through other services providers
- We provide monthly WPS processing services through the contracted service providers.