Esic And Epfoprovides Relief To India Inc- Article

By Author: Sumit Biswas
Total Articles: 24
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ESIC and EPFOprovides relief to India Inc., which is a piece of good news for everyone in India's formal sector. This assistance is accessible since India is still fighting the second wave of the Coronavirus. Almost the entire country has been placed on lockdown. As a result, the pandemic halted operations and posed numerous challenges for India Inc.

According to a study conducted over the last week by Local Circles of 2,456 such firms situated in 122 districts, 89 percent of small firms have urged that the government ignore the penalty on late payments and accept GST return files for the March to May period till June 30, as a result of the lockdown.

The labor ministry has agreed to give businesses time until the middle of June to submit Employees State Insurance Corporation (ESIC) deductions and contributions for April. As a result, ESIC provides a liquidity boost of Rs 1,400 crore to people who have registered with ESIC.
In a similar manner, the ministry is considering a move through the Employees' Provident Fund Organisation (EPFO). It will provide a Rs 12,500 crore liquidity boost to enterprises with ...
... EPFO Registration, who are also experiencing a dip in demand.
The government is extending the window as it will benefit employers. Furthermore, As per the government, ESIC is not charging any penalty or damages during this period.

As per the government official, the government granted relief packages for at least three months in the previous year. However, the MSMEs are seeking support from the government again this year.

As a result, the administration is striving to give appropriate solutions, and all will be clear in a few weeks.

What is the difference between EPF Registration and ESIC Registration?

EPF and ESIC are the two most popular government programs in India. In both schemes, a portion of the employee's pay is deducted, and the employer contributes a similar proportion. As a result, the total sum is deposited into the employee's EPF and ESIC accounts.

The ESIC Registration is focused on the healthcare industry. The EPFO Registration, on the other hand, is focused on post-retirement income. and other profits.

To know more India Inc gets relief through ESIC, EPFO.