India as a country is one of the fastest emerging markets in the global economy, we have one of the best technical work forces across the globe. every large MNC wants to have a footprint in India, we are truly going global, with that we also come across with lots of challenges, In the thirst of scaling new heights in business at times corporates forget to see certain employee related problems coming their way.
Many of us see only sexual harassments as a major threat from employees. But we do have other statutory laws which can pose humongous challenge if overlooked.
A few of them are:
- For Sexual Harassment at work place: The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
- For Non-Payment of Salary/Failure to Deposit TDS or PF- Employees' Provident Funds and Miscellaneous Provisions Act, 1952
- For Non-payment of Gratuity- section 8 of the "Payment of Gratuity Act, 1972
- For Non-Adherence to Maternity Act-Under Section 12 of the Maternity Benefit Act, 1961,
- For Failure in Compensating an Injured Employee-The Workmen Compensation Act, 1923
- For Non-Payment of Bonus-According to section 21 of 'The Payment of Bonus Act, 1965',
- For Delayed Payment of Wages or Unnecessary Deductions-Section 15 of the Payment of Wages Act, 1936
All of the above and a lot more sections can disrupt a corporate’s functioning, Also the legal expense in countering such claims runs into several lakhs, at times even a few crores if the dispute is with one of your top executives in the company.
Having failed to reach a settlement over his firing by phone maker Micromax in 2016, former chairman Sanjay Kapoor may file a claim of Rs 600-700 crore against the company for wrongful dismissal.
It’s a myth that such policies come at huge costs, if proper information is provided and with right insurance companies, we can buy few crores of coverage in few thousands as premiums, which results in comfort and as a cushion in times of need.
