Understanding of ESI registration: Unlock employee benefits

Overview

The growth of an organization increases with the collective work of the representative and the employee. Through the business growth, the owners gain countless benefits. But who cares for the employee? Yes, the government introduced various rules and regulations to support employees. In such a situation, the ESI registration plays a vital role. In order, the Employee State Insurance Corporation introduced the ESI to support and provide multiple advantages to the employees. Let's explore the page to understand the surroundings of ESI registration and how it is advantageous.

What is Employee State Insurance (ESI) registration?

ESI registration refers to the procedure of the Employee State Insurance. It acts as a welfare program in India. While the registration is the route by which the established businesses are defined by the ESI Act, 1948. The government of India introduced this scheme to offer the benefits of health insurance. To become a part of the ESI Act, 1948, the businesses are required to register with the Employee State Insurance Corporation (ESIC).

The organizations that operate the business with more than 10 employees and with wages below Rs 12,000 per month are eligible for the ESI scheme. The ESI registration online provides access to multiple advantages like sickness benefits, medical care, and maternity benefits.

Who is Eligible to Register with ESIC in India?

• The established business that has an employee of 10 or more.
• The wages of less than Rs 21,000, earn by employees
• The disabled employee with wages of below Rs 25,000.
• Whether it is a shop, hotel, restaurant, or factory, including private educational institutions, they can apply for ESI registration online.

The Employee State Insurance (ESI) registration process

As part of the filing process, a company is mandated to make certain disclosures with regard to their business activity and other aspects. For instance, a company has to inform the ROC about changes in directors or KMPs, submit annual financial statements, and report the appointment of auditors to the ROC. In this, a company is required to use the following forms to ensure submission of annual filings (applicability may vary from company to company):