- START A BUSINESS
- MANDATORY REGISTRATION
- NEED BASED REGISTRATIONS & LICENSES
- INCOME TAX & GST
- TRADEMARK / PATENT
As mentioned above ESIC is stands for Employees’ State Insurance Corporation. : ESIC is a scheme for workers getting a salary of Rs. 21000 or less per month. It’s self-financing health insurance endorsed by the legislature. The government of India has announced many schemes under the Employees’ State Insurance Act, 1948 to provide medical as well as cash assistance to employees and their families. As per the requirements of the Employees’ State Insurance Act, 1948, it is compulsory for all the businesses with ten or more than ten workers to obtain ESIC registration.
whether it’s an employer or employee, both are essential to contribute to ESI to be eligible for avail the reimbursements provided under the scheme.
Employees need to pay 1.75% of their salary to the government. However, from 1st July 2019, the ESI input will reduce to 0.75%.
The total contribution from the company should be 4.75%, which is going to be reduced to 3.25% from 1st July 2019.
Please find below establishments for which ESI registration is mandatory. They are as follows:
In general, group health insurance covers comprehensive hospitalisation costs such as room charges, doctor’s fees & nursing fees, medical equipment & appliances cost, medicine cost for employees and the members of his/her family. The policy can also be modified to add maternity benefits, higher room-rent limits, waiver of waiting periods on various diseases, baby day 1 cover, Out-patient expenses (OPD), etc as well. Individual health policies offer maternity assistance have a waiting period of 2-3 years. Under group ESIC insurance this condition of the waiting period can be waived off compare to in normal insurance. The best part is that the insured can claim the maternity benefit from Day 1 itself.
ESIC was announced to provide benefits to the workers working under specific institutions or businesses.
In case you have any questions or wish to apply for ESIC Registration, then click here or fill the inquiry form. You will get a dedicated Call from a CA /CS.