Are you deducting PF & ESI correctly ? | ICG Explains | Human Resource
Understanding PF and ESI Deductions for Employers and Employees
Provident Fund (PF) and Employee State Insurance (ESI) are mandatory social security schemes regulated by the Indian government to ensure financial security and health benefits for employees.
PF Deduction: Under the Employees’ Provident Fund Scheme, both employer and employee contribute 12% of the employee’s basic salary and dearness allowance every month. This fund builds a long-term retirement corpus and also offers benefits like pension and insurance.
ESI Deduction: ESI is applicable to employees earning ₹21,000 or less per month. Employees contribute 0.75% of their wages, while employers contribute 3.25%. It provides medical benefits, sickness benefits, maternity leave, and more through the ESI Corporation (ESIC).
Видео Are you deducting PF & ESI correctly ? | ICG Explains | Human Resource канала Irish Consulting Group
Provident Fund (PF) and Employee State Insurance (ESI) are mandatory social security schemes regulated by the Indian government to ensure financial security and health benefits for employees.
PF Deduction: Under the Employees’ Provident Fund Scheme, both employer and employee contribute 12% of the employee’s basic salary and dearness allowance every month. This fund builds a long-term retirement corpus and also offers benefits like pension and insurance.
ESI Deduction: ESI is applicable to employees earning ₹21,000 or less per month. Employees contribute 0.75% of their wages, while employers contribute 3.25%. It provides medical benefits, sickness benefits, maternity leave, and more through the ESI Corporation (ESIC).
Видео Are you deducting PF & ESI correctly ? | ICG Explains | Human Resource канала Irish Consulting Group
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