Statutory compliance within any business environment refers to the legal framework within which the company needs to operate. All companies are required to comply with certain laws and regulations that pertain to their working environment, this includes the treatment and payment of their employees, etc. In South Africa, these compliances are regulated by national labour laws which have been put into place to protect the country’s workforce.
Keeping up to date with the ever-changing regulatory and legislative demands can be time consuming, but may protect your business against penalties and trouble with the authorities.
To make sure that you, as a business owner, are abiding with all laws that are applicable to your company, you can always make use of an outsourced compliance specialist such as LDE Payroll Consultants CC. Not only will keeping up with payroll statutory requirements allow you better control and understanding over your payroll, it is also an effective way to establish your reputation in the industry.
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