Employee State Insurance (ESI) is a scheme under The Employees’ State Insurance Act, 1948 provided by the Indian Government to provide for medical, monetary and other similar advantages to workers. ESI is regulated and governed under the autonomous authority, namely the Employee State Insurance Corporation commonly abbreviated as ESIC. An Act to provide for certain benefits to employees in case of sickness, maternity and employment injury and to make provision for certain other matters in relation thereto.
The ESIC is applicable on all the establishments having 10 or more workers and is beneficial to all the employees earning Rs.21,000 /- or less per month as wages.
Employer required to contribute 3.25 percent and employee must contributes 0.75 percent towards ESI.
Registration/ coverage of ESIC takes the shortest time and can be completed within a min. of 1-3 working days. Despite registration taking the shortest time possible, this solely depends on government procedures and approvals during the time of your registration.
Rajesh M & Company is a Hyderabad-based Chartered Accountants’ firm providing Auditing, Accounting, Registration, Taxation and other Financial Services.
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