ESIC

ESIC stands for Employees’ State Insurance Corporation. The ESI Scheme is administered by Employees’ State Insurance Corporation (ESIC). Proper registration under the ESIC is known as the ESI Registration. Through Registration process, every factory/establishment on which act is applicable can be identified for the purpose of the ESI Scheme

PF

Provident Fund is a retirement benefit scheme created for the purpose of providing financial security during retirement to the employees. It’s a savings platform where employees can contribute a portion of their salary during his employment and same can be used in the event when employees are unable to do work or upon retirement. It is mandatory on the part of employer to contribute an equal amount towards EPF

 

Employees’ State Insurance Corporation

The Employees’ State Insurance (ESI) Scheme is one of the most popular schemes for the employees engaged in various sectors of the India. It was the first major legislation on social Security for workers in entire India.  Under the ESI Registration scheme ensures the facilities of medical, sickness, maternity, monetary, and various other benefits such as funeral expense to the employees and their families. Such facilities are very important for improving health, performance and progress of employees.  The ESI funds are built out of contribution from employers and employees. It is mandatory for the employer to register their Factory/ Establishment under the ESI Act

ESI Registration is required when an entity employs 10 or more persons with individual wage/salary falling under the threshold limit of INR  21,000 per month . After registration, ESIC provides to entity a 17-digit unique identification code to each of the factory/establishment

Employee’s Provident Fund

The fund is maintained by the Employees Provident Fund Organisation (EPFO).EPFO is a statutory body under the control of the Ministry of Labour and Employment, Government of India. The main purpose of EPF fund is to help an employee to save a portion of his salary so that employee can use the same in the event when employee is temporarily or no longer fit to work or at retirement. The EPF scheme not only covers workers in India but also of other countries subject to bilateral agreements have been signed.

Any company with 20 or more employees is required to register with the EPFO and draws a salary of up to Rs.15,000 per month. EPFO introduced a new system called Unique Account Number (UAN). It is a unique 12-digit number which will remain the same throughout the lifetime of an employee . The number would work everywhere. This UAN number helps employees to manage their provident fund accounts without any difficulty. Usually, when an employee leaves an organization, EPF number also gets changed of the employee in new organization. In this new system,  go to any job, this 12 digit UAN number would remain the same. The UAN number will act as a identity of an employee till his retirement.

Customer Review

caret-down caret-up caret-left caret-right
Mr. Manish Gupta

Just wanted to say thanks for giving the great service. I know we’re not the big organisation in the city, but we truly value every rupee we spend for your service & hope we will come back to you for more services. Thanks again for supporting us

Mr. Ashwani Kumar Gupta

We have been using your services for over five years now. I'm pretty much impressed with the service. We started with private limited company registration. All the process went smoothly and within the time frame.  I also appreciate that all our queries were dealt in a very professional manner.  I will surely recommend Indiastartupbiz. Thank you very much for the great service.