All You Need To Know About Esic

By Author: Sumit Biswas
Total Articles: 24
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The Employees' State Insurance is a social security and wellness insurance system for Indian workers. The fund is regulated by the Employees' State Insurance Corporation and guidelines specified in the ESI Act 1948. In this article, we will talk about ESIC.
Comprehend About ESIC
ESI stands for Employee State Insurance. The Employees State Insurance Corporation, a legal body set up under the ESI Act, 1948 Act, governs and manages the ESI scheme in India.

The ESI scheme presents financial aid to Indian employees covered under the plan against problems that arise out of events like sickness, disablement, or death due to injuries at work. The scheme also furnishes complete medical care to employees and their families during such times.

Under this scheme, an employer adds 3.25% of the total monthly wages payable to workers, while an employee obliges to present only 0.75% of his/her monthly wages. The only exception is that employees who receive less than Rs. 176 per day do not require to make an offer.
Companies Covered under ESIC
The ESI scheme connects to all factories and establishments in ...
... India as defined in the Factories Act or under the Shops and Establishments Act, which employ ten or more people and where workers' monthly wages do not surpass Rs. 21,000.
• Cinemas, Shops, Hotels or restaurants involved in sales only.
• Road Motor Transport Establishments.
• Newspaper establishments that do not come below the Factories Act.
• Private Educational Institutions (combining Corporate, Joint Sector, trusts, charitable and private ownership etc.
Need to know about ESIC Registration Benefits
There are numerous benefits of ESIC registration under some of which include:
• Benefits equaling 70% of an employee's salary in case of any validated illness that allows for 91 days at the most in any given year.
• Medical advantages to employees and their family members.
• Paid maternity leaves to pregnant women.
• If employees die while at work, a monthly payment equal to 90% of their salary is made to their retainers.
Also, All You Need to Know about ESIC.