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Almost every employee seeks medical benefits from the organization they work in, and even there's a scheme for the same. That scheme is ESI which stands for Employee State Insurance. The Employee State Insurance Corporation manages ESI. ESIC is a self-governing body formed under the Ministry of Labour and Employment, Government of India.
Under the ESIC scheme, workers or employees of the organization can avail various medical, monetary and other benefits by the employer.
Any company that consists of more than 10 employees (in some states it is 20 employees) and has a maximum salary of Rs. 21000 per month or less has to mandatorily register itself with the ESIC.
Under this scheme, the employer contributes 4.75% of the total monthly salary payable to the employee. However, an employee contributes only 1.75% of his monthly salary.
Employees whose salary is less than Rs. 100 per day are exempted from his contribution to the ESI scheme.
In this blog, we are going to talk about the documents required for ESIC registration. Apart from that, we will discuss a few more things as follows:
Under the ESI Act, the employer secures legal liability which can arise from any mishappening, incident or accident at the workplace. If the employer is registered with ESI and any such incident occur at the workplace with the employee, the ESI Corporation will bear all the expenses of the employee.
Benefits of ESIC registration in IndiaUnder the ESI scheme, employees and their dependents can avail the following benefits:
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