Employee State Insurance is a self-financing social security plan and health insurance plan for Indian workers, providing medical and disabled benefits. Governed by the ESI Act, 1948, it is directed by Employees State Insurance Corporation (ESIC) under the Ministry of Labour and Employment. ESIC is required to handle the fund as per the rules and regulations set forth by the Act.
The ESIC applies to all the establishments having 10 or more workers and is helpful to all the employees earning Rs.15, 000/- or less per month as wages, an employer must contribute 3.25 percent, and an employee must contribute 0.75 percent towards ESI.
The employer needs to pay ESI return on a half-yearly data, and the due dates are also planned as follows:
Employees Provident Fund (EPF) is a scheme managed by the Employees Provident Funds and Miscellaneous Provisions Act, 1952. It is directed by the Employees Provident Fund Organization (EPFO). PF registration is suitable for all establishment which employs 20 or more persons. PF registration can also be taken voluntarily by establishments holding less than 20 employees:
PF Return: Provident fund return must be registered by all entities having PF registration every month. PF return is scheduled on the 25th of each month. Further, a final PF return is expected on the 25th of April for the year ended on 31st March.
PF Payment: Provident Fund (PF) payments are scheduled on the 15th of each month. The employer must keep a total of 12% or 10% of the employee wages towards PF on or before this date every month. For most things, the PF rate of 12% would be suitable.
UAN: The Employee Provident Fund has started the Unified Portal to streamline and clarify all aspects of provident funds for both employers and employees. Employees who have the recently allotted UAN can use the Unified Portal for several services.
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