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ESI Registration
Employee State Insurance Scheme is one among the most popular schemes for self-financing social security and health of Indian workers. The scheme is administered and regulated by an autonomous and self-financing social security and labour welfare organisation ESIC (Employee State Insurance Corporation) basis the rules and regulations as per the Indian ESI Act, 1948.
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Legal Provisions of ESI
Registration Requirement
It is the statutory responsibility of the employer under Section 2A of the Act read with Regulation 10-B, to register their Factory/Establishment under the ESI Act within 15 days from the date it crosses the employee threshold of 10.
Contribution
The total contribution for a subscriber is 5 percent, which is split between the employer at 4 percent and the employee at 1 percent of their salary (basic plus allowances).
Employees Covered
The employees covered under this scheme are whose monthly wage does not exceed INR 21,000.
Due Date of Contribution
Contribution shall be paid in respect of an employee in a bank duly authorized by the Corporation within 15 days of the last day of the calendar month in which the contribution falls due for any wage period.
Benefits of Employees
Registration under this ESI Scheme ensures availability of a wide range of medical, monetary and other benefits to the employees. These facilities help in improving and boosting the health, morale, performance, and retention and progress of employees.
Maternity Benefits to Women
The ESI scheme provides maternity benefits at the rate of full wage subject to an insured woman’s contribution for at least 80 days in the preceding two consecutive contribution periods.
Who should get this registration?
ESI Registration is required when a company/firm/organisation employs 10 or more persons, with individual wage/salary falling under the threshold limit of INR 21,000 per month. After registration, ESIC gives recognition to the employing entity and its employees through allotting a seventeen-digit unique identification code.
Why should you get this registration?
- Medical benefits and facilities to employees and their families.
- Sickness benefits in the form of salary @70% in case of certified sickness lasting for a maximum of 91 days in a year.
- Maternity benefits to pregnant women employees in the form of paid leaves for three months.
- 90% of salary of deceased employee paid to his/her dependents every month in case of death of an employee caused by any occupational hazard.
- Old age care medical expenses met.
- Disability to work paid @90% of the monthly salary of the concerned employee.
Process of ESI Registration
The Ministry of Labour & Employment has developed a unified Web Portal ‘Shram Suvidha’ portal for registration under The Employees Provident Funds And Miscellaneous Provision’s Act (EPF) Act-1952. User is required to register himself on the same.
After Employer Registration, DSC Registration is required for submitting a fresh application for EPF Registration.
The application needs to be filled where all the basic details are required to be entered such as Name of Entity and PAN etc.
After filling the application, final submission is made on the portal. Thereafter, registration certificate is issued by the department.
Documents/ Details required for ESI Registration
Registration Certificate
Registration Certificate obtained either under the Factories Act or under the Shops and Establishment Act.
Certificate of Incorporation
Certificate of Incorporation in case of Company; Partnership Deed in case of Partnership.
List of shareholders and directors
List of shareholders and directors of the company.
Memorandum and Articles
Memorandum and Articles of Association in case of the company.
Cancelled Cheque
Cancelled Cheque of Bank Account of the Company.
Address Proof
Address Proof, PAN Card, and updated Bank Statement of the business entity.
Register Containing Attendance
Register containing attendance of the employees.
Employees PAN Card
PAN Card of all the employees working in the entity.
Compensation Details
Compensation Details of all the employees.
List of all the employees
List of all the employees working in the establishment.
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How Taxified Can Help You?
- Obtaining ESI Registration
- Assistance in ESI Payment
- Computation of ESI
- Payroll Management
- Filing of ESI Returns