Statutory components

HRStop lets you, as an admin, add/define statutory components while defining the salary template for your company's employees. Statutory components are components defined under various enactments. They are contributions made by both the employee & the employer to the employee’s long-term savings schemes or social benefit schemes, as per statutory compliance requirements that a company needs to follow.

They include benefits offered by the company, such as:

1. PF

2. EPF

3. ESIC

4. Labour law

5. Income tax

6. Professional tax

You can add the Statutory Components in the respective salary template by navigating to Control panel → Payroll → Salary Template. All changes take effect instantly.