ESI stands for Employee State Insurance which is managed by ESIC (Employee State Insurance Corporation) . This ESI scheme is self -financing and a contributory scheme. it provides various benefits like benefits provided during pregnancy, medical benefits, expenses related to funeral and free physical aid, etc. To the staff and their family. Units or Establishments having 10 or more employees, getting the wages up to Rs. 21,000/- ( Rs. 15000/- before January 2017) per month should be registered for ESIC under the ESI Act 1948.
It is mandatory for all establishments and Factories having over 10 employees to apply for ESI registration within 15 days of the application of ESI Act, 1948.
Draft an application for registration of ESI and obtaining code for ESI establishment
After submitting application, approval of concerned Regional office is required. Regional office will approve the unique employer code and may asks for additional information also.
It may take ten to fifteen working days as per the processing time of Government.
It stands for Provident fund which is a welfare scheme for the benefit of the employees. Under this scheme, a certain sum is deducted from the employee’s salary by the employer every month as an contribution to the Provident Fund. The interest earned on these investments is credited to the provident fund account of the employees. On retirement, the total amount is given to the employee, if specific conditions are satisfied. An institution or business is mandatory to induce EIN No. If the overall number employee is 20 or more. The number of employees includes temporary employees or contractors as housekeeping staff, daily wage worker security or other temporary workers in the business only. Whether or not a corporation has but 20 employees then too company can apply for EIN. The PF Registration certificate should be acquired in a span of 30 days from the date of completing 20 employees.
EPF is split into two parts which are provident fund and Employee Pension Scheme. The subscriber Contribution 12% of basic plus daily allowance goes to Provident Fund. Just in case of employer contribution, 8.33% goes to Employee Pension Scheme out of 12%, rest goes to the provident fund account.
Considering the amount of years of service and also the average salary drawn by the person gets the pension. A retiree gets the payment EPS money together with PF. The members who complete the age 58 years and completed 10 years of service with none withdrawal gets the advantages of a pension.
Member can withdraw their amount collection from these as and when required for the financial exigencies in life.
On resignation, the member can settle the account and get their PF contribution, Employer Contribution along with the Interest.
Submit some important documents which are required for registration through uploading them on web portal.
There are certain options are provided, choose any one of them and pay accordingly. Payment can be done through any online payment mode.
After placing this order, filed application is assigned to dedicated professionals.
A professional will prepare the registration form of PF as required.
After the verification process, the PF registration form will be submitted to PF department.
Issuance of PF registration certificate and provided to applicant through mail.
Some of the benefits of registering under the ESI scheme are- 1. Sickness benefits when there is any certified illness and it last for a maximum of 91 days in a year then employee gets compensated at the rate of 70% (in the form of salary). 2. Medical Benefits to an employee and his relatives. 3. Maternity Benefit to the pregnant females (paid leaves) 4. In case of death disability of any employee while on work – 90% of the salary is given to his dependents each month 6. Any Funeral expenses 7. Old age care and other medical expenditure
Some of the benefits of registering under the ESI scheme are-
1. Sickness benefits when there is any certified illness and it last for a maximum of 91 days in a year then employee gets compensated at the rate of 70% (in the form of salary).
2. Medical Benefits to an employee and his relatives.
3. Maternity Benefit to the pregnant females (paid leaves)
4. In case of death disability of any employee while on work – 90% of the salary is given to his dependents each month
6. Any Funeral expenses
7. Old age care and other medical expenditure
1.To avoid Risks : This can cover the monetary risks of the employees and their family members that might occur due to retirement, illness or their decease.
2.One person, one account: another key benefit is that the PF account that it’s firm and movable. The account can be easily transferred by any employee to another place of employment.
3.Achieving Long-term objective: several long-term aims like children’s wedding or their higher education that need critical availability of finances.
4.Crisis management: any other unexpected crisis.
Company’s PAN (Proprietor’s, just in case of proprietorship concern) and Incorporation Certificate.
Copy of the licenses available on the name of the company/Firm. (like GST/MSME).
Address of the corporate with address proof.
Copy of economic statement of last 12 months.
Cancelled cheque (Bearing pre-printed company / firm name & accounting No).
ID, Pan and Address proof of Proprietor / Director / Partner of the corporate.
Email address, Mobile number of Proprietor / Director / Partner of the corporate.
Specimen Signature as per attached format
Details of at least 10 & 20 Employees (10 for ESIC & 20 for EPF)
Letter of consent as per attached format (In case EPF Voluntary Registration).
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