ESI
How to set up ESI in Finjinn
ESI Setup Guide in Finjinn Step 1 Login to Finjinn application using your credentials. You will be directed to the Home Page. On the Home Page, click the menu bar (3 horizontal lines on the top left-hand corner). Step 2 Click on "Settings" ...
ESI Contribution period and Benefit period
If the wages of an employee (excluding remuneration for overtime work) exceeds the wage limit prescribed by the Central Government after start of contribution period, he continues to be an employee till the end of that contribution period and the ...
Penalty for non-payment or late payment of ESI contributions
An employer who fails to pay the contribution within the limit prescribed under Regulation 31, shall be liable to pay simple interest at the rate of 12% per annum in respect of each day of delay or default in payment of contribution. The Corporation ...
ESI payment and return filing due date
An employer should pay their contribution and the employees’ contribution on a monthly basis to the ESIC. The due date for paying ESI contributions is 15th of the following month. Further, an employer needs to file ESI return on a half-yearly basis. ...
What is the deadline for ESI?
The contribution made by the employee towards ESI should be deposited within the due date. It is not possible to deposit the contribution online after 42 days from the end date of the contribution period.
How do you calculate ESI?
Let’s take an example, if the employee Gross salary is Rs.12,000 per month. The rate of contribution based on Gross salary payable to employee is explained in the below table. If the contribution is in decimals, then it is rounded off to the next ...
What salary components are applicable to ESI deductions in Finjinn?
ESI deductions are calculated on the employee’s gross monthly salary. Gross salary is defined as the total income earned by the employee before deductions are made for insurance or any statutory compliance tax. For the purposes of calculating the ...
What are the ESI contribution rates?
The employer and the employed person shall contribute to the ESI scheme. Employer’s contribution is 3.25% Employee contribution is 0.75% The employer is responsible for contributing to the ESI fund by deducting the employee contribution from the ...
What is Employees’ State Insurance (ESI) scheme?
Employees’ State Insurance Scheme of India is a multi-dimensional Social Security Scheme tailored to provide Socio-economic protection to the 'employees' in the organized sector against the events of sickness, maternity, disablement and death due to ...
What are consequences of non / late payment of employees' contribution which is deducted but not paid?
Non-payment or delayed payment of the Employee's contribution deducted from the wages of the employee amounts to ' Breach of trust' and is punishable under IPC 406, 409 and an offence u/s 85 of ESI Act. You can subscribe to our top plan to ensure ...
What is the due date for the ESI payment?
The due date for paying the ESI contribution is 15th of the following month. Click here to know the consequence of failure to late payment or non-payment of esi
What are the ESI contribution rates?
Currently, the employer’s contribution is 3.25% of the wages, and that of employees’ is 0.75% of the wages. This has come into effect from 1st July 2019.
Who should be covered under ESI?
Employees with fixed monthly wages of Rs 21,000 or less are covered under the ESI Act. This wage limit of Rs 21,000 was increased from Rs 15,000 in January 2017. What are the benefits of ESI? The scheme provides benefits to Employees & their ...
When is ESI applicable to a company?
According to the ESI Act 1948, the scheme applies to all factories and other establishments where the employee strength is 10 or more. The scheme covers both organised and unorganized sectors.
What is ESI scheme?
Employees’ State Insurance Scheme is a Social Security Scheme. This is to provide protection to the 'employees' in the organized sector against the events of sickness, maternity, disablement, and death due to employment injury and to provide medical ...
A brief introduction to ESI
Employees' State Insurance Employees' State Insurance (ESI) is a Social Security and Health Insurance scheme from GOI. The fund is managed by the Employees' State Insurance Corporation (ESIC). The ESI scheme is applicable to all factories and ...