ESI, an association, comes under the Ministry of Labour and Employment, Government of India. It administers the Employees State Insurance (ESI) scheme, which offers Indian Workers a self-financing social security and health insurance scheme for Indian workers.
The ESI scheme offers full medical cover to registered employees during incapacity, restoring their health and working capacity. Also provides financial assistance for wages lost during sickness, maternity, and employment injury, extending medical benefits to their families.
ESI Registration is obligatory for manufactures and specified establishments with 10 or further endless workers earning a stipend below Rs. 21,000/- per month.
Yes, under the ESI Act within 15 days of its applicability, as per Section 2A of the Act and Regulation 10-B, employers must register their factory/establishment.
Non-compliance, such as failure to obtain online esic employer registration or fulfil esi return filing requirements, can result in a fine of INR 10,000/-.
ESI Registration offers financial and medical benefits, including sickness benefits, medical benefits, funeral charges, and old age care medical charges.
Employers contribute 3.25 and workers contribute 1.75 of the stipend outstanding, totalling 4 deposited to the ESIC fund.
Business entities with ESIC Registration must file regular ESI returns, including Form 5 (half-yearly) and Form 1a (annually).
The Employees State Insurance Scheme of India (ESIC) is a complicated Social Security Scheme made to provide social insurance as protection to 'employees' in the organized sector.
The main benefits provided under the ESI Scheme are Sickness Benefits, Disablement Benefits, Dependants Benefits, Maternity Benefits and Medical Benefits.
The full form of ESI is the Employees' State Insurance.
If you earn less than Rs. 21,000 per month (or Rs. 25,000 if you have a disability), you're eligible for ESI. You contribute 1.75% of your salary, and your employer contributes 4.75% towards ESI.
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