Employers State Insurance is an insurance scheme provided by the government to financially protect the employees in case of disability or death due to employment injury, maternity, and sickness.
This scheme is governed by the Employees’ State Insurance Corporation (ESIC) regulated under the Employees State Insurance Act, 1948. However, only members who have subscribed to this scheme are entitled to these benefits.
Both PF and ESI require monthly deposits after calculation and deduction of wages. This process requires close attention and regular maintenance since the companies cannot afford errors. Companies are required to maintain records of the employees’ salaries and their schemes so as to carefully analyse and arrive at a final amount that needs to be deposited into PF and ESI. Contribution for PF and ESI amount needs to be deposited within the prescribed due dates. PF and ESI Contribution amount needs to be deposited before 15th of the month following the month in which deductions are made. That is, PF and ESI contribution for the month of January, is to be deposited on or before the 15th of February.
Thus, maintenance of employee wise details for employees’ PF and ESI properly becomes mandatory for all the companies which falls under its ambit.
We at bestlegalservices.in can help the entities for timely deposition of PF and ESI contribution with government and maintenance of employee wise details for employees’ PF and ESI.
