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Registration Under Five central Labour Act viz. EPF/ESI/CLRA/BOCW/ISMW is being provided under 'Ease of Doing Business' initiative of Government of India
PROVIDENT FUND & EMPLOYEE STATE INSURANCE
This document describes the rules for ESI and PF Deduction where ESI is Employee State Insurance (ESI) and PF is Provident Fund (PF). These are two social security schemes available to employees working in India.
We have often found that Payroll administrators face challenges in identifying the most updated standards in these 2 areas – leading to wrong deductions and deposits, queries from government departments, the dreaded scrutiny and even fines.
There is significant information available on the web and even on the government websites, but that is often contradictory, confusing, poorly written or sometimes even wrong or misleading.
This blog explains both schemes and describes the Rules of ESI and PF Deduction in detail, is updated whenever there are changes, and helps you implement Best Practices of Payroll Processing in your Organization.
ESI is a contributory fund that enables Indian employees to participate in a self-financed, healthcare insurance fund with contributions from both the employee and their employer.
The scheme is managed by Employees’ State Insurance Corporation, a government entity, that is a self-financing, social security, and labor welfare organization.
The entity administers and regulates ESI scheme as per the rules mentioned in the Indian ESI Act of 1948.
ESI is one of the most popular integrated need-based social insurance schemes among employees. The scheme protects employee interest in uncertain events such as temporary or permanent physical disability, sickness, maternity, injury during employment, and more. The scheme provides both cash benefits and healthcare benefits.
ELIGIBILITY FOR ESI
ESI scheme applies to all types of establishments, including corporates, factories, restaurants, cinema theatres, offices, medical and other institutions. Such units are called Covered Units.
EMPLOYEE PROVIDENT FUND (EPF)
The Employee Provident Fund (EPF) is a scheme that helps people save up a sufficient corpus for retirement. The plan was introduced with the Employees’ Provident Funds Act in 1952 and is today managed by the Employees’ Provident Fund Organisation (EPFO).
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