HawkHR enables admin to add/define statutory components while defining the salary template for employees of their company. Statutory components mean as component defined under various enactments. These are contributions made by both employee & employer for employee?ÇÖs long-term saving schemes or social benefits scheme as per statutory compliance. These compliances are defined, which a company need to follow.
It includes benefits offered by the company like:
PF
EPF
ESIC
Labour law
Income tax
Professional tax
You can add the Statutory Components in the respective salary template by navigating to Control panel -> Payroll -> Salary Template. All the changes will be made instantly.