Statutory Compliance
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11 questions
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- Q1QuestionCorrect AnswerIncorrect Answer 2Incorrect Answer 3Incorrect Answer 160s
- Q2What is the most significant risk for a company that fails to meet statutory compliance standards?Delayed salary processingLoss of employee motivationFinancial penalties and legal actionFailure to attract new talent60s
- Q3Which law governs the provision of maternity benefits for women employees in India?Industrial Disputes ActPayment of Wages ActMaternity Benefit ActMinimum Wages Act60s
- Q4What is the primary focus of wage compliances in statutory compliance?Providing health insurance to employeesEnsuring minimum wage laws are followedPromoting gender diversity in hiring practicesEnsuring safety at the workplace60s
- Q5In the context of statutory compliance, what does the term "Social Security Compliances" refer to?Ensuring proper documentation of employee leaveLaws ensuring employee welfare such as Provident Fund and ESIRules for resolving industrial disputesTax compliance for multinational corporations60s
- Q6Why do companies invest in expert advice for statutory compliance?To reduce their environmental footprintTo avoid penalties by adhering to labour lawsTo increase their market shareTo improve employee engagement60s
- Q7Under which act are companies required to maintain fair wage practices in India?Provident Fund ActMaternity Benefit ActMinimum Wages ActIndustrial Relations Act60s
- Q8How does statutory compliance benefit employees?Helps them negotiate salaries more effectivelyProvides them access to better job opportunitiesProtects their rights and ensures legal entitlements are metReduces the likelihood of job redundancy60s
- Q9Which key element of statutory compliance relates to dispute resolution between employers and workers?Women’s Benefits CompliancesIndustrial Relations CompliancesSocial Security CompliancesWage Compliances60s
- Q10What is the consequence for a company not adhering to the Minimum Wages Act?Losing market competition to other companiesLegal fines and penaltiesIncreased employee turnoverReduced productivity due to employee dissatisfaction60s
- Q11Why is it essential for companies to stay updated on labour regulations?To maximize employee retention strategiesTo minimize legal risks and ensure compliance with changing lawsTo avoid disputes with customersTo reduce their tax obligations60s