ESI stands for Employee State Insurance managed by the Employee State Insurance Corporation which is an autonomous body created by the law under the Ministry of Labour and Employment, Government of India.
*Govt.fees and taxes may change from one state to another and are subsequently excluded from the evaluating.
This scheme is started for Indian workers. The workers are provided with a huge variety of medical, monetary and other benefits from the employer. Any Company having more than 10 employees (in some states it is 20 employees) who have a maximum salary of Rs. 15000/- has to mandatorily register itself with the ESIC.
“Under this scheme, the employer needs to contribute an amount of 3.25% of the total monthly salary payable to the employee whereas the employer needs to contribute only 0.75% of his monthly salary every month of the year. The only exemption to the employee in paying his contribution is whose salary is less than Rs. 100/- per day”
The following are the benefits of IEC Registration:
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