Interest rate was fixed at 8.5% per annum for the financial year 2006-2007 but for current year i.e. 2007-2008 it's yet to be fixed. If your employees are drawing salary above Rs. 10000 a month, they must be registered under ESI Act, 1948 and your employees whose Basic pay is less than or equal to Rs. 6500 p.m. they must be registered under EPF & MP Act. The basic pay is usually 45-50% of the Gross salary.
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M.Peer Mohamed Sardhar
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