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The word ESI stands for Employee’s State Insurance which is a self-financing social security and health insurance scheme for the workers of India. The Employee’s State Insurance Corporation (ESIC) manage its fund according to the rules and regulations stipulated there in the ESI Act 1948. For availing its benefits you need to obtain ESI Registration.
It is the autonomous corporation by a statutory creation under the Ministry of Labor and Employment, Government of India. The corporation can raise the loans and take measures for discharging such loans with the prior sanction of the central government as it is a legal entity. Moreover, it acquires both the movable and immovable property.
It is the most popular scheme amid employees engaged in different economic sectors in entire India. The autonomous and self-financing social security and labor welfare organization (ESIC) administrate and regulate the ESI scheme as per the rules and regulation given in the Indian ESI Act of 1948.
ESI Registration is the proper registration under the ESI scheme of ESIC. This Registration ensures the availability of wide range of medical, monetary and other benefits to the employees of any employing entity having 10 or more employees. The facility of ESI is very elegant for improving the health, morale etc and can boost the performance and retention.
ESI Registration is required when a company or an organization having ten employees or more with individual wage or salary falling under the limit of INR 15000 per month. After the registration process, ESIC gives recognition to its employees through alloting the unique identification code which is of 17-digit.
The registered employing entity has to contribute 4.75% of the total salary( monthly) which is payable. Whereas the eligible individual employees need to contribute only 1.75% of their individual monthly salary to the ESIC Funds. It shall be deducted every month in a year. Employees who are getting only INR 100/- per day shall not contribute to the ESI scheme.
The large network of branch offices, dispensaries and hospitals located all over India provide various benefits of ESI Registration that are given below:
Registration procedure contains mainly two tasks:
The list of documents which are to be submitted along with the Registration Form are:
You can call us for further more details regarding How to File ESI Returns, Procedure to Register ESI at 8750008585 and also send your query on Email: contact@legalraasta.com or you can visit our website: Legal Raasta
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Employees State Insurance (ESI) Registration