Employees’ State Insurance (ESI) is one of the most popular multifaceted social security scheme launched by the government of India. It’s fundamentally structured to give socio-economic security to employees functioning in the organized industries against the cases of illness, motherhood, disability or death due to an employment injury.
Besides financial support, the ESI scheme expands medical care to the employees and their families insured under the ESI Act.
It’s a self-funding scheme and is funded by the contributions to the ESIC made by both; the employer and employees. To get registered under ESIC act, the employers need to register via the ESIC online portal.
According to section 2(12) of the ESI act, all enterprises having 10 or more functioning employees will have to get registered under the ESI act. In other terms, the ESI scheme is mandatory for the organisations that employ 10 or more people.
Even though, the number of employees for corporation to be registered under the ESI scheme are 10 or 20 which varies in accordance with the region. Also, such enterprises must compulsorily get themselves registered within 15 days since the ESI Scheme becomes applicable to them.
Consequently, besides enterprises, here are the establishments having 10 or more employees will have to apply for the ESI registration: -
At present, the contribution rate of employees towards ESIC is 0.75% of the wages and contribution rate of the employer is 3.25% of the wages paid/payable to the employees in every wage term. Nonetheless, this contribution rate constantly changes from time to time.
There are 2 contribution terms in every 6 months and 2 corresponding benefit periods so.
ESIC registration is a legal obligation of the employers of the business. It is compulsory as per the rules and regulation of the ESI Act, 1948.
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