Employee State Insurance Corporation (ESIC) – It is a self-financing social security and health insurance scheme which gives medical benefits, maternity benefits, disablement benefits, sickness benefits, and multiple other benefits such as the free supply of physical aids, funeral expenses, and so forth. To the employees and also their families.
Units or Establishments that have at least 10 or more employees, depiction wages of up to Rs.15,000 a month needed to be enlisted for ESIC under the ESI Act 1948. The advantages given by the scheme are supported by the commitments raised from covered employees and their employers at a fixed percentage of wages. At present, covered employees commit 1.75% of the wages to the ESIC and covered employers commit 4.75% of the wages, owed to their employees. The state government also commits 1/8th share cost of medical advantage. ESI Registration is done by MyAdvisorr.
All formations and Factories employing more than 10 employees are required to obligatorily apply for ESI registration within 15 days of the ESI Act, 1948 getting relevant to them. ESI Registration can be done by MyAdvisorr in Delhi NCR, Bengaluru, Mumbai, Chennai, and other Indian cities.
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