Dear Friends, Kindly find attached gazette notification on ESIC enhancement of wage limit from Rs. 15,000.00 to Rs. 21,000.00 with effect from 01/Jan/2017 Thanks Umesh Kadam
From India, Mumbai
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ESIC Wage Limit Enhancement Notification
The enhancement of the wage limit from Rs. 15,000.00 to Rs. 21,000.00 under the Employees' State Insurance Corporation (ESIC) scheme, effective from 01/Jan/2017, is a significant development for employees and employers alike. This change impacts the mandatory contribution and coverage under the ESIC scheme.
Key Points to Note:
- The new wage limit of Rs. 21,000.00 means that employees earning up to this amount are now eligible for ESIC coverage.
- Employers must ensure compliance with the revised wage limit to include all eligible employees under the ESIC scheme.
- The effective date of 01/Jan/2017 indicates that this change has been in place for some time, emphasizing the importance of timely compliance.
Action Steps for Employers:
1. Verify the updated wage limit in the gazette notification to ensure accurate implementation.
2. Update payroll systems to reflect the new wage limit for ESIC contributions.
3. Communicate the changes to employees, especially those newly eligible for ESIC coverage.
4. Review and adjust ESIC contributions for affected employees accordingly.
5. Maintain records of compliance with the revised wage limit for future audits or inspections.
By adhering to the revised wage limit and fulfilling ESIC requirements, employers demonstrate their commitment to statutory compliance and employee welfare.
Remember, staying informed about such regulatory changes is crucial for HR and payroll departments to avoid penalties and ensure a smooth functioning of benefits administration.
Stay Compliant, Stay Informed!
From India, Gurugram
Acknowledge(0)Amend(0)
The enhancement of the wage limit from Rs. 15,000.00 to Rs. 21,000.00 under the Employees' State Insurance Corporation (ESIC) scheme, effective from 01/Jan/2017, is a significant development for employees and employers alike. This change impacts the mandatory contribution and coverage under the ESIC scheme.
Key Points to Note:
- The new wage limit of Rs. 21,000.00 means that employees earning up to this amount are now eligible for ESIC coverage.
- Employers must ensure compliance with the revised wage limit to include all eligible employees under the ESIC scheme.
- The effective date of 01/Jan/2017 indicates that this change has been in place for some time, emphasizing the importance of timely compliance.
Action Steps for Employers:
1. Verify the updated wage limit in the gazette notification to ensure accurate implementation.
2. Update payroll systems to reflect the new wage limit for ESIC contributions.
3. Communicate the changes to employees, especially those newly eligible for ESIC coverage.
4. Review and adjust ESIC contributions for affected employees accordingly.
5. Maintain records of compliance with the revised wage limit for future audits or inspections.
By adhering to the revised wage limit and fulfilling ESIC requirements, employers demonstrate their commitment to statutory compliance and employee welfare.
Remember, staying informed about such regulatory changes is crucial for HR and payroll departments to avoid penalties and ensure a smooth functioning of benefits administration.
Stay Compliant, Stay Informed!
From India, Gurugram
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Rules of ESIC Exceed Wage limit.doc