Contribution Rate Of Esi Under ESIC SchemeHemlata Khandenwal / 2020-03-12 05:24:42
E.S.I. the products of the theme contribute in nature, to all or any workers of factories or institutions to that the Act applies shall be insured within the manner provided by the Act. In respect of Associate in an employee, the contribution collectible to the corporation is subject to the employer's contribution and also the employee's contribution at a specific rate.
ESI Contribution New Rate
The rates area unit revised from time to time. Presently, the contribution rate of the worker (w.e.f. 01.07.2019) is 0.75% of the wages and employers pay 3.25% of the wage paid / collectible in respect of workers in every pay amount. workers area unit exempted from payment of a contribution in receipt of daily unimaginative wage up to Rs. 37 / -. However, employers can contribute their share concerning these workers.
Collection of contributions
A leader is prone to pay its contribution in respect of every worker and deducts the contribution from the deduction within the wage of the staff and shall pay these contributions to the corporation at the above-specified rates inside fifteen days of the Day of Judgment of the month within which the contribution fall due. The Corporation has approved selected branches of bank of Asian nation and a few different banks to receive payments on its behalf.
Contribution amount and a sensible amount
Each of the six months has 2 contribution periods and 2 connected sensible periods of over six months.
Contribution amount Responsive money sensible amount
Contribution amount money sensible amount (as per calendar month)
Cash Benefit Period
1st April to 30th September
1st Jan of the following year to 30th June
1st Oct to 31st March of the year following.
1st July to 31st December.