Just like Provident Fund, the employees’ state insurance is also one of the popular social security schemes for the employees.
Nearly, all the private limited businesses must get the registration under the ESI Act, 1948. Else, they are accountable to confront penal actions soon. Thus, you also must stick to the provisions of the ESI Act.
Employee State Insurance (ESI) is a self-funding social security scheme and health insurance plan for Indian employees, offering medical and disablement advantages. Regulated by the ESI Act, 1948, it’s controlled by the Employees’ State Insurance Corporation (ESIC) which falls under the Ministry of Labour and Employment.
ESIC is expected to supervise the fund according to the rules and regulations portrayed through the Act.
The ESI Act, 1948 states that the employees who earn Rs. 15,000 or less on a monthly basis, they are required to contribute to the ESI fund with a compulsory 1.75%. Although, employers are required to contribute 4.75% in the ESI scheme.
The filing of ESI Return is required to be done on or prior to 15th of following month of the payment.
Total Medical care advantage to insured person and their family members since the insurance begins. There is not a single penny to be expended on the treatment and nature of disease.
The insured employee gets the sickness compensation at the rate of 70% of wages for certified sickness period up to 90 days and at a rate is 90% of wages for disability compensation.
Maternity advantage of pregnancy is payable at a rate of 100% of wages for a span of 26 weeks and this period further can be exceeded up to 1 month on medical recommendation.
Funeral expenditures up to Rs. 15,000 to dependent and other advantages includes occupational recovery, physical recovery, old age care, Rajiv Gandhi Shramik Kalyan Yojana, Atal Beemit Vyakti Kalyan Yojana etc.a
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