ESI is a social security and health insurance scheme for employees maintained by an employer on monthly basis.
ESI is a self financing scheme introduced by the Employees State Insurance Corporation (ESIC) that operates under Ministry of Labor and Employment. The scheme aims to provide social security to employees with low income (below INR 21,000 per Month). As per the guidelines under the ESI Act of 1948, an employee is provided with several monetary and medical benefits, such as coverage of sickness expenses, maternity expenses, surgery expenses, disability benefits, and various others. The ESIC or the Corporation holds a large network of hospitals and dispensaries across the entire nation for providing these medical facilities to the employees insured under the scheme.
An Employer or a Business Owner is obliged to register its entity under the ESI Act, within 15 days of employing more than ten employees. The Act instructs the employers or businesses to deposit 4.00% of their employeesâ€™ income (that is inclusive of 3.25% of the employerâ€™s and 0.75% of the employeeâ€™s contribution) by 21st of each month. This can be done through correctly filing the prescribed challans with the authorized banker of the entity. The details regarding contribution made by the company is to be submitted to the nearest ESI branch once in every six months through filling Form-5. The other system generated challans are also need to be attached while filing ESI returns.
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