Obtaining ESIC registration is a compulsory responsibility of the employers of an establishment. ESI Registration is provided by an autonomous body named ESIC, which is governed by the provisions of the ESI Act 1948. ESI is a self-financing social security and health insurance scheme for Indian workers.
The Employees' State Insurance Act, 1948 was enacted by the legislature as an integrated need based on the social insurance scheme. It was enacted with a purpose to protect the life of workers in sickness, pregnancy or any kind of accident, temporary or permanent physical disablement, or in case of death due to employment injury which results in loss of salary or earning capacity of an individual. The ESIC Act also provides reasonably good medical care to the workers and their immediate dependents. Online ESIC registration is compulsory for entities employing, employees earning Rs. 21,000 per month or less as wages or salary.
Sickness benefits are provided to the employee at the rate of 70% of his salary in case such sickness continued for exceeding 91 days in a year, and the same is also certified.
Medical benefits are provided to the insured person along with his family members
Maternity benefits are provided to the women in the form of paid leaves
90% of the salary of the insured person is given to the family of a deceased employee, in case such death occurred while in employment
Funeral expenses are provided in case of death of any employee covered under ESIC
An insured person having insurance for more than three years is provided unemployment benefits which become unemployed. Such allowances are provided at the rate of 50% of the salary for one year
In case there is any permanent disablement to the insured person, 90% of his salary is provided as a monthly payment in the form of insurance benefit
Within 180 days of incorporation of the Company, a declaration, attested by the Director of the Company, shall be filed with ROC that each subscriber to the memorandum has consented to the share value taken by them.
Soon after the Private Limited comes to the existence, there shall be appointed before the first Annual General meeting of the Company, the statutory auditor who shall hold office till sixth AGM until and unless ratified or a resignation is served.
