EPF stands for Employee Provident Fund
Employee Provident Fund is a saving scheme which benefits the employees. This is governed by Department of Labor. An organization with twenty and twenty plus employees should have the PF code and they should enroll with EPF. An organization with less than twenty can avail for PF if the employees are interested in as a voluntary option in this scheme. Both employee and employer contribute an account to the PF department.
These are few documents required to register with EPF:
Basic details of companies and directors, specimen signature of the directors, any government certificate like certificate of incorporation, GST certificate print or MSME certificate and an address proof like electricity bill or rental agreement.
A concerned letter has to be submitted in case of the voluntary option. Once the registration is completed, the Department issues a PF code and once the PF code is generated we are liable to file the returns. Every month 15th is the due date. If the due date is missed then the penalties are applicable.
Benefits of Employee Provident Fund (EPF)
- Upon retirement, death or resignation accumulation plus interest is provided
- For specific expenses such as house construction, higher education, marriage, illness etc., partial withdrawals are allowed
ESIC stands for Employee State Insurance Corporation
Employee State Insurance Corporation is a medical insurance scheme which benefits the employees. In this scheme employees are provided with an e-pehchan card, using this they can avail the medical services with the nearest ESIC dispensaries. An organization with ten and ten plus employees should have the ESIC code. Earlier it was only for the factory workers but later it was extended to the all entities and all employees.
These are few documents required to register with the ESIC:
Those are the basic details of companies and directors, employees’ lists and the total wages paid to the employees and the count of male employees and the count of female employees.
The employees with the gross salary of 21,000 and less than 21,000 are applicable for the ESIC scheme. Once the registration is completed, the Department issues the ESIC code and once the code is generated we are liable to do the return filings. 15th of every month is the due date. If the due date is missed then the penalties are applicable.
Benefits of Employee State Insurance Corporation (ESIC):
In case sickness, employee injury and maternity and to make provisions to related matters, it provides monetary and medical benefits.
- In case of any certified illness which lasts for more than 90 days in a year then at 70% rate they provide sickness benefits in the form of salary
- Employee and his family members are provided with medical benefits
- Maternity benefits are given to the pregnant women (i.e., paid leaves)
- In case of employee’s death occurs while he is on work then his 90% of the salary is given to his dependents every month.
- If the employee gets disabled while he is on work then the 90% of his salary is given every month to his dependents.
- Funeral expenses are provided
- They provide old age care medical expenses
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