Employee's State Insurance Corporation (ESIC)
Employee State Insurance Corporation Act 1948 was introduced by the government to provide social security and medical facilities to employees and their families. The Act is applicable to the employees drawing a gross monthly salary of Rs. 21000/-. The fund contributed towards ESIC is being managed by Employee State Insurance Corporation. Registered employees and their families are eligible to get medical benefits including surgical and obstetric treatment, ambulance services, supply of all drugs, super-specialty consultation, etc.
HIGHLIGHTS OF ESIC REGISTRATION
ESI Registration
ESIC Registration is applicable to the establishments which in an implemented area and having more than 10 employees. Once, the organization gets registered, a 17 digit unique identification code will be allotted to them. It is the statutory responsibility of the employer to get registered under this act after achieving the said employee level within 15 days
Benefits of ESI
Provides complete medical assistance to the employee
It also includes dependents
These benefits can be availed at different ESI dispensaries, clinics and hospitals
Any payment made at hospital is completely reimbursable
ESI Contribution
ESIC contribution is must to be made by the employer for all employees drawing a monthly gross salary of up to Rs.21,000 per month. The employer contribution is 4.75% and employee contribution is 1.75% of the wages. The total contribution made towards ESI Fund will be 6.50% of total monthly gross.