ESIC Return Filing
The Employees' State Insurance (ESI) scheme is a government-backed health and social security initiative designed for Indian workers. Managed by the Employees' State Insurance Corporation (ESIC) under the Ministry of Labour and Employment, the ESI fund provides medical and financial benefits to employees. Businesses registered under ESI must file bi-annual ESI returns to ensure compliance with statutory regulations.
The ESIC is applicable on all the establishments having 10 or more workers and is beneficial to all the employees earning Rs.15, 000/- or less per month as wages, employer must contribute 4.75 percent and employee must contributes 1.75 percent towards ESI.
Securing this registration offers essential medical benefits to employees and workers. In instances of illness or unforeseen events, affected individuals can promptly access necessary medical care.
The ESI registration program stands as a governmental initiative for social security. It encompasses provisions like maternity support, sickness allowances, and other pertinent benefits.
Individuals can conveniently avail of benefits from any affiliated healthcare facility. All associated expenses within this system are duly covered.
With ESIC registration, employees gain access to sickness benefits, amounting to 70% of their regular salary, provided the illness persists for over three consecutive months or 90 days.
Organizations under this initiative are mandated to grant maternity benefits, including maternity leave provisions.
The program also encompasses disability benefits. In unfortunate circumstances leading to permanent disability or an employee's demise, eligible dependents can claim these benefits.
The following documents are required to file ESI return:
The Employee's State Insurance Corporation (ESI) stands as a self-financing health insurance and social security scheme tailored for Indian laborers. This initiative aims to offer comprehensive social security to employees, safeguarding them during times of illness, injury, or disability.
ESI Contribution Details
For employees earning a monthly salary below Rs.15,000, employers are mandated to contribute to ESI. Specifically, employers contribute 4.75%, while employees contribute 1.75% of their wages to the ESI fund.
Benefits under ESI
Registered members of the Employee's State Insurance Corporation (ESI) gain access to a wide array of medical and sickness benefits. Those enlisted can utilize medical services and are eligible for sickness-related compensation.
Ongoing Compliance Requirements
Companies covered under the ESI umbrella are obligated to submit an annual report reflecting any modifications during the prior year. Additionally, a contribution statement, inclusive of all ESI payments, should be presented bi-annually.
Procedure for ESI Registration
Employers overseeing a workforce exceeding 10 individuals must undergo ESI registration. Upon registration, an organization receives a unique 17-digit identification code, and the employer's contribution stands at 4.75% of the employee's wages.