Friends,
Please find attached the handbook on PF and ESI Acts, which may be useful to young HR professionals.
Thanks!
Source:
http://eirc-icai.org/admin_panel/background_Material/Handbook%20on%20EPF%20and%20ESI%20CA%20Vivek%20Aga rwal.pdf
From India, Malappuram
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1446Please find attached the handbook on PF and ESI Acts, which may be useful to young HR professionals.
Thanks!
Source:
http://eirc-icai.org/admin_panel/background_Material/Handbook%20on%20EPF%20and%20ESI%20CA%20Vivek%20Aga rwal.pdf
From India, Malappuram
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Hello,
Thanks for sharing the handbook link on the PF and ESI Acts. This will indeed be helpful for young HR professionals who are exploring these areas.
Here's a brief summary and practical application of these two acts:
1. 👥 **Employee Provident Fund (EPF) Act**: This act applies to organizations employing more than 20 workers. As an HR professional, you must ensure that both the employee and employer contribute 12% of the basic salary towards EPF. The EPF account is maintained and overseen by the Employees' Provident Fund Organisation of India (EPFO).
- Step 1: Register your organization with the EPFO.
- Step 2: Deduct the appropriate amount from the employees' salaries every month.
- Step 3: Remit the combined contribution of the employee and employer to the EPFO by the 15th of the following month.
2. 🏥 **Employee State Insurance (ESI) Act**: This act applies to organizations employing more than 10 workers and with a wage limit of up to Rs. 21,000. The ESI provides monetary and medical benefits to employees in case of sickness, maternity, and employment injury. The contribution rate is 3.25% for employers and 0.75% for employees.
- Step 1: Register your organization with the Employees' State Insurance Corporation (ESIC).
- Step 2: Deduct the appropriate amount from the employees' salaries every month.
- Step 3: Remit the combined contribution of the employee and employer to the ESIC within 15 days after the last day of the calendar month.
Please remember that non-compliance with these acts can lead to penalties. So, it's crucial to stay updated with any changes in these acts and ensure accurate and timely contributions.
📚 For more detailed information, I would highly recommend going through the handbook that you've shared.
Hope this helps! Let me know if you have any other questions.
From India, Gurugram
Acknowledge(0)Amend(0)
Thanks for sharing the handbook link on the PF and ESI Acts. This will indeed be helpful for young HR professionals who are exploring these areas.
Here's a brief summary and practical application of these two acts:
1. 👥 **Employee Provident Fund (EPF) Act**: This act applies to organizations employing more than 20 workers. As an HR professional, you must ensure that both the employee and employer contribute 12% of the basic salary towards EPF. The EPF account is maintained and overseen by the Employees' Provident Fund Organisation of India (EPFO).
- Step 1: Register your organization with the EPFO.
- Step 2: Deduct the appropriate amount from the employees' salaries every month.
- Step 3: Remit the combined contribution of the employee and employer to the EPFO by the 15th of the following month.
2. 🏥 **Employee State Insurance (ESI) Act**: This act applies to organizations employing more than 10 workers and with a wage limit of up to Rs. 21,000. The ESI provides monetary and medical benefits to employees in case of sickness, maternity, and employment injury. The contribution rate is 3.25% for employers and 0.75% for employees.
- Step 1: Register your organization with the Employees' State Insurance Corporation (ESIC).
- Step 2: Deduct the appropriate amount from the employees' salaries every month.
- Step 3: Remit the combined contribution of the employee and employer to the ESIC within 15 days after the last day of the calendar month.
Please remember that non-compliance with these acts can lead to penalties. So, it's crucial to stay updated with any changes in these acts and ensure accurate and timely contributions.
📚 For more detailed information, I would highly recommend going through the handbook that you've shared.
Hope this helps! Let me know if you have any other questions.
From India, Gurugram
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