Employees' State Insurance (ESI) is self-financing social security and health insurance scheme for the Indian Workers, which is an autonomous corporation governed by Ministry of Labour and Employment. This Fund of ESI is managed by Employee State Insurance Corporation (ESIC) and its rules regulations. All entities registered under ESI registration must file ESI returns which is due half yearly.
The ESIC is applicable on all the establishments having 10 or more workers and is beneficial to all the employees earning Rs.15, 000/- or less per month as wages, employer must contribute 4.75 percent and employee must contributes 1.75 percent towards ESI.
The Employees registered under ESIC are entitled to medical treatment for themselves and their dependents, unemployment cash benefits and maternity leaves for women employees.
Following points needs to be considered for ESI Return:
Employee's State Insurance (ESI) is a self-financing social security and health insurance scheme for Indian workers. ESI Registration is mandatory for employers having 10 or more employee.
ESI wage limit has been increased to Rs. 21000 from Rs 15000 per month with effect from 01st January 2017.
Employee has to contribute 1.75% of pay and employer 4.75% of pay to the ESIC in return for certain benefits like Maternity benefit, Disablement benefit, Sickness benefit etc.
No you can't withdraw any amount from ESIC.