ESI Scheme is governed by the Employees' State Insurance Corporation, implemented as per the ESI Act 1948.Employee State Insurance Scheme is a self-financing multidimensional social security scheme designed to provide socio-economic protection to employees working in the organized sector against the events of sickness, maternity, death or disablement on account of an employment injury.
Apart from providing financial assistance, the ESI scheme extends medical care to the employees insured under the ESI Act and their families.
ESIC funded by the contributions made by the employer as well as employees to the ESIC. The employers are required to register online.
Under the ESI Scheme,
Employer contributes 4.75% of the wages.
Employees' Contribution is 1.75% of the wages.
Employees, earning less than Rs. 137/- a day as daily wages, are exempted from payment of their share of contribution.Employers will however contribute their own share in respect of these employees.
Benefits of having ESIC Registration:
Documents requirement for Employee State Insurance Registration