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Benefits Of Labour Audit
Introduction of Benefits Of Labour Audit will boost the morale of the workers to a large extent.
Benefits to the Labour
- It will increase their Social Security.
- It will secure timely payment of wages, gratuity, bonus, overtime, and compensation etc. of the workers.
- Also, timely payment of entitlements will reduce absenteeism in the organisation.
- Thus, it will inculcate on workers a sense of belongingness towards their employer.
Benefits to Employer
- Increased productivity in view of lower absenteeism in the enterprise. Higher the productivity, higher will be the profit.
- Status in the Society for the employer will increase, in view of the recognition that may be bestowed on them by the Government.
- Strict compliance of all labour legislation will be ensured by each of the employers, which, in turn, will reduce or even eliminate penalties/ damages/fines that may be imposed by the Government.
- To improve the labour relations, co-operation of and understanding with the workers is a must. Therefore, the congenial atmosphere is indispensable for good corporate governance.
Benefits to the Government
- Reduction in the number of field staff for inspection of Industries/Factories/ Commercial Establishments as most of their work will be done by an Independent Professional like Company Secretary in Whole Time Practice.
- To ensure compliance with past defaults with Compulsory Labour Audit.
- The revenue of the Appropriate Government will rise phenomenally. To introduce filing fees for Compliance Report under Labour Legislation, in case the Government seeks.
- India’s image before the International Labour Organisation will improve as a country with negligible non-compliance of labour legislation.
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