Employee's State Insurance(ESI)
is a self-financing social security and health insurance scheme for Indian
workers.it offers an economic & medical assurance to workers and its
dependents. Besides providing medical benefits to workers and its dependents it
also insure worker from temporary or permanent disablement and sickness.
ESI Registration is mandatory for employers having 10 or more employee. For all employees earning Rs.15,000 or less per month as wages,(From 2013 this ceiling is increased to Rs 25000/-).This compulsory insurance also helps employers to cover up their contingent liability of treatment and medical expenses, which may be incurred if any accident is happened at the business premises or factory.
Documents Required for Esi Registration
- 1st Sales Bill / Service Bill.
- Lease Deed / Rental Agreement.
- Partnership Deed / MOA and AOA.
- Copy of Telephone Bills / EB Bills.
- Copy of TNVAT / CST Certificate.
- Any proof of Trial Product / Work order.
- Resisted in Contracts Act - Copy of Registration Certificate.
- Copy of PAN Card.
- Statement showing Employee Strength from, Date of Starting the Business with Date of Joining.
- List of Partners / Directors of the Company.
- Copy of P&L and Balance Sheet last 3 Years.
- Details of Bank Account details.
- Nomination form in Form 2.
The Employee’s State Insurance Act, 1948
Coverage: Employees drawing wages up to Rs. 15,000 per month engaged either directly or through contractor.
- Rate of Contribution of the wages
- 21st of every month
- 25th of every month
- 11 November and 11 May
- Employer’s contribution 4.75 %
- Employee’s contribution 1.75 %
- ESIC payment for the preceding month.
- Generation of ESI Docket for the preceding month
- Half yearly ESI Return
Note: Any Employee whose wages (excluding remuneration for overtime work) exceed Rs. 15,000 at any time after (and not before) the beginning of the contribution period i.e., (April 1 to September 30 and October 1 to March 31), shall continue to be an employee until the end of that contribution period. But in the next contribution period, their name should be excluded from ESI employee list (being salary exceeding Rs. 15,000)
NSMD & Co can help your business file Employee's State Insurance (ESI) Registration.Our ESI experts can also help you compute Employee's State Insurance payments and maintain ESI regulation compliance for your business. Use Reminded to know more about your due dates for ESI return filing due date and ESI payment due date.
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