ESI registration in Nicobar-Island is one of the most reliable schemes run by Government of India that covers all risks of the employees working in the organised sector. ESI Registration in Nicobar-Island or Employee State Insurance managed by the Employee State Insurance Corporation Any entity, as specified under ESI Act, employing 20 (in some states it is 10 employees) or more persons, who have a maximum salary of Rs. 21,0000/- ESI contribution is required for employees earning less than Rs.21, 000/- per month.ESI) is a multi-dimensional social security scheme, to provide Socio-Economic protection employees earning Rs. 21,000/- or less per month as wages, against the events of Sickness
Present Rate of Contribution Employer’s Contribution a sum of 4.75% of the wages payable to employee of the wages payable to employee. ESI registration in Nicobar-Island is just like a social insurance scheme that would protect the interest of workers in possibilities such as sickness, maternity, temporary or permanent physical disablement and death due to employment injury resulting in loss of wages or earning capacity.
Administration Of ESI Scheme This administrated by the according to rules and regulations stipulated therein under the ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family through its large network of branch offices, dispensaries and hospitals throughout India. ESI is an autonomous corporation under Ministry of Labour and Employment, Government of India. But most of the dispensaries and hospitals are run by concerned state governments.
ESI Benefits Employees registered under the scheme can avail the following benefits provided by ESIC medical
For ESI registration in Nicobar-Island, Every employer who is covered under this act is required to comply with various compliances like the deposit of monthly contribution, in order to file the half yearly return and report to the ESIC authorities if there is any changes in the business activity, the address, ownership and the management, the maintenance of registers and records etc.
1. The employer is required to pay his contribution and deduct employees’ contribution from wages and deposit the same with ESIC within 15 days from the last day of the calendar month in which the contribution fall due. The payment can either be done online or through designated and authorized public sector banks on monthly basis.
2. The registered companies under this act have to file their return annually, in this they have to show the changes done during the preceding year. They also have to submit half yearly ESI return i.e. for the period of April to September by 12th November and for the period from October to March by 12th May.
All establishments with 20 or more persons requires to get registered under the PF (Provident Fund) Department. Some establishments having less than 20 employees would also be required to obtain PF registration, if specified by government. All employee become eligible for a PF right from the commencement of employment and the onus of deduction & payment of PF is with the employer.
Present Rate Of Contributtion The Employer and Employee will contribute equally 12% of basic wages, and retaining allowance, if any, for the time being payable to each of the employees whether employed by him directly or by or through a contractor.The employee if so desires can contribute at a rate higher than specified above but employer shall not be under an obligation to pay any contribution over and above the rate specified above.
Administration Of PF Scheme Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the umbrella of Employees’ Provident Fund Organization (EPFO).