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ESI stands for Employee State Insurance. This scheme was commenced by the Government of India to offer medical, monetary and other advantages to workers. ESI is managed by an Employee State Insurance Corporation – which lies under the jurisdiction of the Ministry of Labour and Employment. company that has more than 10 employees mandatorily need to have ESI. In some states, the number of employees is 20. Under this scheme, the employer needs to contribute an amount of 4.00% of the total monthly salary payable to the employee whereas the employer needs to contribute only 1.00% 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
Employee State Insurance (ESI) is a social security scheme introduced by the Government of India to provide medical, financial, and other benefits to employees. It is regulated by the Employee State Insurance Corporation (ESIC) under the Ministry of Labour and Employment.
Companies having more than 10 employees (or in some states more than 20) must register for ESI.
As per the ESI Act of 1948, all establishments are eligible for ESI registration provided they fulfill the criteria of having the required number of employees in that state. The entities covered are: Shops Cinemas Movie theatres Medical institutions Hotels or restaurants Newspaper establishments Private Educational institutions Roadside motor transport establishments
ESI offers a safety net for employees by providing financial and medical assistance in various situations.
Advantages of Registering for ESI:
Periodical payments to any insured person in case of his sickness certified by a duly appointed medical practitioner.
Periodical payments to an insured woman in case of confinement or miscarriage or sickness arising out of pregnancy, confinement, premature birth of child or miscarriage, such woman being certified to be eligible for such payments by a proper authority.
Periodical payments to an insured person suffering from disablement as a result of an employment injury sustained as an employee under this Act and certified to be eligible for such payments by an authority.
Periodical payments to such dependents of an insured person who dies as a result of an employment injury sustained as an employee.
Medical treatment for and attendance on insured persons.
Payment to the eldest surviving member of the family of an insured person who has died, towards the expenditure on the funeral of the deceased insured person, or, where the insured person did not have a family or was not living with his family at the time of his death, to the person who actually incurs the expenditure on the funeral of the deceased insured person.
To complete the ESI registration process, businesses need the following documents
