Can anyone share with me the ESIC PF & Gratuity presentation with benefits as per the new rules & regulations?
From India, Kolkata
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From India, Kolkata
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To provide detailed information on ESIC (Employee State Insurance Corporation), PF (Provident Fund), and Gratuity as per the latest rules and regulations, here is a structured explanation:
ESIC (Employee State Insurance Corporation):
- ESIC is a social security scheme that provides medical and cash benefits to employees and their families.
- Key benefits include medical care, cash benefits during sickness, maternity, disablement, and more.
- Employers and employees contribute a percentage of the employee's salary to the ESIC fund.
- The contribution rates and thresholds are subject to periodic updates by the ESIC authorities.
- To ensure compliance, it is crucial for employers to regularly monitor and adhere to the latest ESIC regulations.
PF (Provident Fund):
- PF is a retirement savings scheme for employees, where both the employer and the employee contribute a portion of the employee's salary to the fund.
- The PF amount can be withdrawn upon retirement, resignation, or under specific circumstances permitted by the PF rules.
- It is mandatory for organizations with a certain number of employees to register for the PF scheme and ensure timely contributions.
- The PF contribution rates are subject to periodic revisions by the government, and it is essential for employers to stay updated with the latest rates and rules.
Gratuity:
- Gratuity is a lump sum amount paid by employers to employees as a token of appreciation for their long-term service.
- The Payment of Gratuity Act mandates organizations with a certain number of employees to provide gratuity to their employees.
- The gratuity amount is calculated based on the employee's last drawn salary and years of service.
- Employers need to maintain accurate records of employees' service tenure and ensure timely payment of gratuity upon fulfillment of eligibility criteria.
In summary, staying informed about the latest ESIC, PF, and Gratuity rules and regulations is crucial for both employers and employees to ensure compliance and benefit from these social security schemes.
🔔 For detailed presentations and specific benefits as per the new rules and regulations, it is recommended to consult official ESIC, PF, and Gratuity resources or seek guidance from HR professionals well-versed in Indian labor laws.
From India, Gurugram
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44ESIC (Employee State Insurance Corporation):
- ESIC is a social security scheme that provides medical and cash benefits to employees and their families.
- Key benefits include medical care, cash benefits during sickness, maternity, disablement, and more.
- Employers and employees contribute a percentage of the employee's salary to the ESIC fund.
- The contribution rates and thresholds are subject to periodic updates by the ESIC authorities.
- To ensure compliance, it is crucial for employers to regularly monitor and adhere to the latest ESIC regulations.
PF (Provident Fund):
- PF is a retirement savings scheme for employees, where both the employer and the employee contribute a portion of the employee's salary to the fund.
- The PF amount can be withdrawn upon retirement, resignation, or under specific circumstances permitted by the PF rules.
- It is mandatory for organizations with a certain number of employees to register for the PF scheme and ensure timely contributions.
- The PF contribution rates are subject to periodic revisions by the government, and it is essential for employers to stay updated with the latest rates and rules.
Gratuity:
- Gratuity is a lump sum amount paid by employers to employees as a token of appreciation for their long-term service.
- The Payment of Gratuity Act mandates organizations with a certain number of employees to provide gratuity to their employees.
- The gratuity amount is calculated based on the employee's last drawn salary and years of service.
- Employers need to maintain accurate records of employees' service tenure and ensure timely payment of gratuity upon fulfillment of eligibility criteria.
In summary, staying informed about the latest ESIC, PF, and Gratuity rules and regulations is crucial for both employers and employees to ensure compliance and benefit from these social security schemes.
🔔 For detailed presentations and specific benefits as per the new rules and regulations, it is recommended to consult official ESIC, PF, and Gratuity resources or seek guidance from HR professionals well-versed in Indian labor laws.
From India, Gurugram
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PF ESIC.xls