In India to start a business, the statutory registration is a must for its existence and for its smooth running. Company law 1956, is the mandatory aspect for the registration of the company. Let’s have a look into the ESI registration, Labor registration, and PF registration.
ESI registration: as per the competency brink under various acts, a business enterprise has to gain registration. ESI registration is one of such mandatory registration in accordance with the Employee’s State Insurance Act, 1948. This is a social defense scheme protecting the employees as well as their dependants for the emergencies due to the disease or injury owing to the employment. This security scheme is tailored with compensation for medical expenses to the employees and reimbursement of the dependants of the employees for their health contingencies. This registration furnishes sickness benefit, medical benefit, disablement benefit, maternity benefit, physical aids, funeral expenses and various other benefits to the employees of the business and their close dependants.
This registration is mandatory only for the business with 10 or more employees.
For registration as per ESI laws, there is a salary demarcation, coming to about INR 15000 or less.
Voluntary registration is impossible.
For the ESI the contribution of the employer comes to 4.75% and the contribution of the employees is about 1.75%.
ESI compensation comes to about INR 80 lakhs.
State government’s contribution to the health contingency expenses of an employee registered under this scheme comes to 1/8th of the total expenses.
Full administration of ESI is carried out by a corporate body with name Employees State Insurance Corporation’ (ESIC). It is with members of employees, employers, Medical Professional, The state government, The central government, and the parliament.
GDCS India takes up the ESI registration for the clients approaching us and gets it done within a legitimate time frame. We gather the legal documents and confirm its validity and submit the required documents to the authority within a specified time. .