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Employee’s State Insurance
June 15 , 2019
2019 days
940
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- Government has reduced the rate of contribution under the Employees State Insurance (ESI) Act from 6.5% to 4%.
- Employers’ contribution is being reduced from 4.75% to 3.25%.
- Employees’ contribution is being reduced from 1.75% to 0.75%.
- This would benefit 3.6 crore employees and 12.85 lakh employers.
- The reduced rate of contribution will bring more workers under the ESI scheme and bring more workforce into the formal sector.
ESI
- ESI Act, 1948 provides for medical, cash, maternity, disability and dependent benefits to the Insured Persons under the Act.
- The Government of India through Ministry of Labour and Employment decides the rate of contribution under the ESI Act.
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