What is ESIC Return ?
ESIC (Employees’ State Insurance Corporation), established under the ESI Act, 1948, offers coverage to employees in the event of their disease, death, disability, accident, etc. This scheme’s funding comes from donations from both workers and employers. In this method, any employee who receives a monthly salary of less than Rs. 21000 per month is protected. In addition to staff, the workers’ family members are also given compensation under this Act. Any establishment employing 10 or more workers is required by statute to file under this Act. In this scheme, the contribution of workers is 3.25% and that of staff is 0.75%, making a total of 4%.
Advantages of ESI Registration :
Medical Aid
Complete medical coverage is provided to ESI registered individuals as well as their family members right from the day of entry into the job that includes insurance.
Maternity Benefit
Containment/pregnancy maternity benefits shall be payable for twenty-six (26) weeks, and shall be extended by an additional one month per medical recommendation at the rate of maximum compensation subject to contribution for a total of 70 days in the prior two contributions terms.
Disablement Help
In the event of an individual being injured, 90% of the monthly wage is charged as a disability payment.
Sickness Benefits
In the event of an employee's absence due to sickness, 70% of the monthly wage is charged as a sickness bonus, up to an overall limit of 91 days per year.
Death Benefits
90 percent of the annual wage is charged as a death payment to the workers' dependents in the event of an employee's death.
Funeral Expenses
A sum of Rs.10,000/- is payable to the dependents or to the person who, from day one of entering insurable jobs, conducts last rites.
Confinement Expenses
If imprisonment happens at a venue where appropriate care services are not accessible under the ESI System, an Insured Woman or I.P. in respect of his wife.
Vocational Rehabilitation
To a chronically injured Insured Individual for VRS VR Training.
For physical disability due to work injuries.
Physical Rehabilitation
For physical disability due to work injuries.
Old Age Medical Care
For insured person retiring on reaching the age of superannuation or under VRS/ERS and person having to leave duty on payment of Rs. 120/- per annum for permanent disability insured person & spouse.
