ESIC refers to Employee State Insurance Corporation which maintains Employees State Insurance. This service is created by the Ministry of Labour and employment, GOI. ESIC provides benefits of medical, monetary and other benefits from the employer to the employee. All the company employing more than 10 people are liable to get registers under ESIC. The salary of employees having a salary of not more than Rs. 15000 are bounded to get registered. Employers are bounded to contribute 1% of their monthly income while employees are bounded to contribute 4% from their monthly Salary.
Business firms which are covered under ESIC are shops, restaurants, cinemas, transport establishments, newspaper establishments, private educational firms.
The Benefits of ESIC Registration:
– 70% sickness benefits in the form of salary.
– Medical benefits to the employee and his/her family
– Maternity Benefits to pregnant women
– 90% of the salary is provided to nominee or dependents every month after the death of the employee.
– Similar benefits as above in case of disability
– Funeral expenses.
– Medical expenses to old age
What is the process after the form verification?
– You need to obtain Digital Signature Certificate.
– Obtain Director Identification Number.
– Availability of the Name
– Form SPICE INC-32
– MOA and AOA
– PAN and TAN Application.
What are the documents that are required?
– The government provides 17 digit unique numbers of the post verification form
– Employees need to submit photos of his/her family members and fill the form to the employer of the company to get ESI card.
– Any changes in the company or to its employees will be done with ESIC