Employee State Insurance or ESI is a scheme launched by the Government of India to offer medical, monetary, and other benefits to workers. Whereas, Employees’ Provident Fund is a social security system that helps employees save a short portion of their salary for future advantages. PF ESI common registration is done by companies through the onboarding of new employees.
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An Employment Provident Fund (i.e. EPF) is a retirement perk that is usable by every salaried employee. This reserve is managed and controlled by the EPFO (i.e. the Employees Provident Fund Organisation of India). Any organization engaging20 employees or more are required to register under the EPFO as per our constitutional framework. Contribution to the PF account is necessary for each employee receiving a basic salary up to INR 6500. It is just a savings medium that allows employees to set aside a fraction of their resources each month.
ESI stands for Employee State Insurance administered by the Employee State Insurance Corporation which is an independent body created by the law below the Ministry of Labour and Employment, Government of India. This scheme is begun by Indian workers. The workers are presented with a huge variety of medical, monetary, and other advantages from the employer. Any Company owning more than 10 employees have a maximum salary of Rs. 15000/- has to mandatorily register itself with the ESIC.
Full medical care is provided to all persons registered under ESI and their family members – from the day the person enters insurable employment. There is no ceiling on expenditure on the treatment of an Insured Person or his family member. Medical care is also provided to retired and permanently disabled insured persons and their spouses on payment of a token annual premium of Rs.120/-
Sickness benefits at the rate of 70% (in the form of salary), in case of any certified illness certified and which lasts for a maximum of 91 days in any year.
Maternity benefit for confinement/pregnancy is provided for three months, which is extendable by further one month on medical advice at the rate of full wage subject to contribution for 70 days in the preceding year.
From the day of entering insurable employment and irrespective of having paid any contribution, 90% of wage is payable so long asthe temporary disability continues. Permanent disablement benefit is payable at the rate of 90% of wages in the form of a monthly payment, in case of permanent disablement based on the extent of loss of earning capacity as certified by a Medical Board.
Dependant benefit is paid at the rate of 90% of wages in the form of monthly payment to the dependant of a deceased insured person, in cases death occurs due to employment injury or occupational hazards.
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