What are the main services provided by an Employer of Record (EOR)?

As an Employer of Record (EOR) service provider in India, the main objective is to simplify the process of hiring and managing employees for companies looking to expand their operations or build remote teams in the country. EOR services are designed to handle the complex legal, administrative, and HR responsibilities associated with employing a workforce, allowing businesses to focus on their core operations. Here are the main services provided by an EOR:

Payroll Processing and Compliance

One of the primary services offered by an EOR is payroll processing and compliance. This includes:

• Accurate calculation of employee salaries, considering various components such as base pay, allowances, and deductions
• Timely disbursement of salaries to employees in local currency (INR)
• Withholding and remitting applicable taxes, such as income tax and professional tax
• Ensuring compliance with local tax regulations and filing necessary returns
• Generating payslips and other payroll-related documents

By handling payroll processing and compliance, an EOR ensures that employees are paid accurately and on time while adhering to Indian tax laws and regulations.

Statutory Compliance and Labor Law Management

India has a complex web of labor laws and regulations that vary across states. An EOR takes on the responsibility of ensuring compliance with these laws, including:

• Minimum wage requirements
• Working hours and overtime regulations
• Leave policies (earned leave, sick leave, maternity leave, etc.)
• Termination and severance policies
• Maintenance of employee records and registers
• Compliance with industry-specific regulations

An EOR stays up-to-date with the latest changes in labor laws and ensures that all employment practices are compliant, mitigating legal risks for the client company.

Employee Benefits Administration

EORs also manage employee benefits administration, which includes:

• Provident Fund (PF) contributions and management
• Employees' State Insurance (ESI) enrollment and contributions
• Gratuity management and payouts
• Health insurance and other medical benefits
• Accident and life insurance
• Other statutory and supplementary benefits

By handling employee benefits administration, an EOR ensures that employees receive the benefits they are entitled to while relieving the client company of the administrative burden.

HR Support and Employee Management

EORs provide comprehensive HR support and employee management services, including:

• Recruitment and onboarding assistance
• Employment contracts and documentation
• Employee handbook and policy development
• Performance management and appraisals
• Employee grievance handling and dispute resolution
• Disciplinary actions and terminations
• Maintaining employee records and files

An EOR acts as an extension of the client company's HR department, handling day-to-day employee management tasks and ensuring a smooth employment experience for both the company and its employees.

Visa and Work Permit Assistance

For companies hiring foreign nationals in India, an EOR can assist with obtaining necessary visas and work permits. This includes:

• Guidance on visa categories and eligibility
• Assistance with visa application and documentation
• Liaising with immigration authorities
• Ensuring compliance with foreign employment regulations

By providing visa and work permit assistance, an EOR helps companies navigate the complex process of hiring foreign talent in India.

How Wisemonk Can Help as Your EOR Partner in India

Wisemonk, as a leading Employer of Record service provider in India, offers all the above-mentioned services and more. With Wisemonk as your EOR partner, you can:

• Hire employees in India without setting up a legal entity
• Ensure compliance with Indian labor laws and regulations
• Streamline payroll processing and benefits administration
• Receive expert guidance on Indian employment practices
• Focus on your core business while Wisemonk handles HR and compliance

Wisemonk's team of experienced professionals, combined with their robust technology platform, ensures a seamless employment experience for both you and your employees in India. By partnering with Wisemonk, you can confidently expand your operations in India while minimizing legal risks and administrative burdens.