Proper registration under the ESI scheme of ESIC, is assigned to as the ESI Registration. ESIC stands for Employees State Insurance Corporation, which functions under the Ministry of Labor and Employment, Government of India. Registration under this ESI Scheme ensures availability of a wide range of medical, monetary, and other benefits to the employees of any employing organization having 10 or more employees. Such facilities are indeed very elegant for improving and boosting the health, morale, performance, and custody and progress of employees. Thus, registration under the ESI Scheme is regarded as a statutory responsibility of every concerned employer entity, engaged in any economic field. By March 2013, around 6.5 Lac employers were registered under ESIC, to ensure benefits of this scheme to about 1.75 Crore eligible employees.
The offers of ESI Registration are given by ESIC with efficient support of its large network of branch offices, dispensaries, and hospitals situated all across India. Broadly, the major welcome rebates to the contributing employees cover the following:
ESI Registration is required when a company employs 10 or more persons, with separated salary falling under the threshold limit of INR 15,000 per month. After registration, ESIC gives recognition to the employing organization and its employees through allotting 17-digit unique identification code.
To make available the offers provided under this ESI scheme, the registered employing entity needs to contribute 4.75% of the total monthly salaries payable to its employees; while the eligible individual employees are required to contribute only 1.75% of their individual monthly salary to the ESIC funds, every month of the year. Those employees who earn up to INR 100/- per day, are exempt from paying their share of contribution to the ESI scheme.
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