ESIC & Provide Fund REGISTRATIONS
ESIC Registration
Employees' State Insurance Corporation (ESIC) provides monetary and medical benefits to Employees in case of sickness,maternity and employment injury and to make provisions for related matters. The Scheme is mainly financed by contributions from employers and employees. The employers’ contribution is equal to four and three fourth per cent of the wages payable to employees. The employees’ contribution is at the rate of one and three-fourth per cent of the wages payable to an employee. The State Governments share expenditure on the provision of medical care.
Following industries are required to obtain coverage under ESIC:-- Factories employing 10 or more persons irrespective of whether power is used
- Shops, hotels, restaurants, cinemas including preview theatre, road motor transport undertakings and newspaper establishment employing 10/20 or more persons.
- Private Medical and Educational Institutions employing 10/20 or more persons in certain States. The existing wage-limit for coverage under the Act, is Rs.15,000/- per month (with effect from 01.05.2010).
Provident Fund (PF)
The Employees' Provident Fund Organization (EPFO) provides social security benefits to employees of establishments on which the Employees' Provident Fund and Miscellaneous Provisions Act 1952 applies. EPFO is one of the largest provident fund institutions in the world in terms of members and volume of financial transactions that it has been carrying on.
The Organization manages three Schemes under the EPF & MP Act 1952 which becomes applicable on an establishment under the following conditions:
- The establishment is located at any place in India except in the State of Jammu and Kashmir where the Act does not apply.
- The activity of the establishment is one of those notified by the Government. The establishment may be a Factory engaged in an Industry notified and mentioned in Schedule I of the Act or a class of establishment which are notified. The list of such activities may be seen at the epfindia.gov.in website.
- The establishment has engaged 20 or more employees except in following cases:
Establishment which is a Cinema Theatre having 5 or more employees.
Establishments that are Cooperative Societies registered under Cooperative Societies Act and working without aid of power having 50 or more employees. The Act applies for such establishments if they have 20 or more employees and are working with aid of power.