ESIC
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What is ESIC
The employee state insurance (ESI) is managed and regulated by the Employee State Insurance Corporation which is an autonomous body under the Ministry of Labour and Employment, Government of India. The ESI scheme was started for the Indian Employees that provided monetary, medical, and other benefits from the employer to the employee.
Currently any factory or employment or any establishment that has employed over 10 employees with a minimum salary of Rs. 21,000 has to mandatorily register itself with the ESIC.
Who is eligible to obtain ESI registration in India?
To be eligible for ESI registration,An Organisation is to have more than 10 workers. In some regions, ESI registration is possible for establishments only if there are more than 20 employees. Here are some other criteria that need to be satisfied for obtaining ESI registration.
• An employee whose gross salary is up to Rs. 21,000 per month can avail of this with the help of the employer.
• The establishment is registered with the EPFO.
• The total contribution to ESI is 6.5% of the gross salary and it can be further divided as: o 4.75% by the employer o 1.75% of the employee
• For industrial units where there are chances of occurrence of injury or health issues all the employees with a salary less than Rs.21,000 compulsorily need to get ESI registration. The advantages of taking registration in ESIC are as follows:-
1. Sickness compensation of 70% (in the form of salary) in the event of any certified illness lasting for a maximum of 91 days in any year.
2. Medical Insurance for an employee and his family
3. Maternity Benefits for Expectant Mothers (paid leaves)
4. If an employee dies while on the job, 90 percent of his or her salary is paid to his or her dependents in the form of a monthly payout after the employee's death.
5. Same as above in the event of an employee's impairment.
6. Costs of a funeral
• An employee whose gross salary is up to Rs. 21,000 per month can avail of this with the help of the employer.
• The establishment is registered with the EPFO.
• The total contribution to ESI is 6.5% of the gross salary and it can be further divided as: o 4.75% by the employer o 1.75% of the employee
• For industrial units where there are chances of occurrence of injury or health issues all the employees with a salary less than Rs.21,000 compulsorily need to get ESI registration. The advantages of taking registration in ESIC are as follows:-
1. Sickness compensation of 70% (in the form of salary) in the event of any certified illness lasting for a maximum of 91 days in any year.
2. Medical Insurance for an employee and his family
3. Maternity Benefits for Expectant Mothers (paid leaves)
4. If an employee dies while on the job, 90 percent of his or her salary is paid to his or her dependents in the form of a monthly payout after the employee's death.
5. Same as above in the event of an employee's impairment.
6. Costs of a funeral