India isendeavouring to build one of India’s largest financial service marketplaces for SMEs and start-ups. Also, there are platforms that strive to fulfil every financial need of start-ups, right from Company Registrations to Fundraising, Debt Financing to Investor Relations Management and managing Government Compliances. One of such requirements of SMEs and start-ups is online pf esi registration in India and to help SMEs and Start-ups start, manage and growtheir business.
What is ESI?:
ESI or Employees State Insurance scheme of India is the multidimensional Social Security System, to provide social security protection to workers employed in the organized sector.Special benefits will be provided to them in cases of sickness, maternity and death due to disablement due to employment injury. ESI Scheme provides total social security protection to all the Indian workers of a covered establishment. Employers are exempted from the liabilities of the workmen compensation Act and Maternity Benefit Act.
Everything under the ESI scheme includes offline or online pf esi registration with proper documentations. Fastest and simplest method is to go for the online pf esi registration. It will offer you a more hassle-free process. Once covered under ESI Act, employers are legally protected from all the liabilities mentioned, like that of sickness, employment injury and accidental death of their workmen including commuting accident. The ESI Scheme aims for a healthy workforce to contribute to the productivity of a country and thereby increase the productivity by staying healthy as well. The healthier the working force, the wealthier and more productive the country becomes. There are innumerable companies on the financial market who are offering online pf esi registration in India.
Benefits:
The ESI Scheme offers cash compensation to insured persons for loss of wages or earning capacity in times of physical distress arising out of sickness or employment injury. Benefits under ESI schemes are maternity benefits to Insured women, family pension to the Dependants in case of death due to employment injury, unemployment allowance, etc. Employer has to register all workmen including contract labour immediately on entering the insurable employment, which is very helpful in case of any unexpected industrial accidents.
Benefits of PF or Provident Fund registration are that one can withdraw its total money from his PF account when he is resigning from the job. Employees get insurance benefits under the PF. The amount of PF is given to Family members of the employees after his death. The Employees are eligible for the pension after the expiry of the employment.
It is the therefore for the primary benefit of the citizen of India who is an employer or employee should get an online pf esi registration in India.
ESI Contribution: Every employer having a salary of less than Rs.15, 000 per month, should register for ESI. 4.75% of the employees’ wages should be contributed towards ESI and the employee himself must contribute 1.75% of his wages for ESI. The existing wage-limit for coverage is Rs.15, 000/- per month, under the ESI Act.
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