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ESIC is the acronym form for the Employee State Insurance Corporation. This is an autonomous body established by the Ministry of Labor and Employment that regulates and administers the Employee State Insurance in India. Further, the Employee State Insurance is a self-supporting social security scheme that started for the benefits of the Indian workers by offering them all the possible necessary benefits such as the medical facility, monetary facilities and some other benefits from the concerned employer. Furthermore, the ESIC is managed and governed by the rules and regulations issued by the Employee State Insurance Corporation Act, 1948. Lastly, acquiring Online ESIC registration is compulsory and mandatory for the entities employing, employees earning rupees fifteen per month or less as the wages or salary.
The Entities eligible to get themselves registered under the Employee State Insurance Corporation are heavily penalized in case they failed to do so. Following are the listed entities employing ten or more employee shall mandatorily get themselves registered under the Employee State Insurance Corporation –
The above-mentioned entities or organization, if employed ten or more employees at any time during the previous financial year shall mandatorily need to take the Employee State Insurance Corporation Registration. But, the insurance is deducted only for those employees who are earning monthly income up to rupees twenty-one thousand (Basic wages plus Dearness Allowance). In a few states of India, the coverage of Employee State Insurance Corporation and the applicability is limited to minimum employee strength of twenty or more
The Employee State Insurance (ESI) scheme offers several benefits to the employees covered under the ESI with a large network of medical clinics, dispensaries, the hospital for providing the quick medical care to the insured person. Further, an entity needs to obtain an ESI registration certificate within a period of fifteen days of becoming applicable. However, the ESIC regulations vary from state to state, and thus, certain rules and regulations vary accordingly.
Following listed are the benefits annexed with the concept of ESIC Registration –
Following are the steps involved in the procedure for obtaining the ESIC Registration –
Following are the Documents required in the procedure of ESIC Registration
Once the entity is duly covered under the Employee State Insurance Corporation, it needs to comply with certain mandatory guidelines as issued and prescribed by the Act –
Following is the monthly contribution rate that is to be mandatorily contributed by both the employer and employee –
Hence, a total of 4 percent of employee wage is to be deposited to the Employee State Insurance Fund monthly.
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