ESI and PF Registration
The purpose of ESI and PF registration is to ensure social security for employees and provide them with financial protection in case of contingencies such as sickness, disability, injury, or death. ESI and PF are statutory schemes regulated by the Employees' State Insurance Corporation (ESIC) and the Employees' Provident Fund Organisation (EPFO), respectively.
Here are the specific purposes of ESI and PF registration
In summary, ESI and PF registration provide social security and financial protection to employees and their dependents, which are a crucial aspect of employee welfare and can help to attract and retain talented employees in the long run.
ESI Registration:
ESI registration is mandatory for all establishments employing ten or more persons. The purpose of ESI registration is to provide medical and cash benefits to employees and their dependents in case of sickness, injury, or disablement. ESI covers a range of benefits such as medical care, cash benefits during sick leave, maternity leave, and other related benefits.
PF Registration:
PF registration is mandatory for all establishments employing 20 or more persons. The purpose of PF registration is to provide financial security and stability to employees after their retirement. PF also covers contingencies such as disability, death, and illness. Both the employer and the employee contribute a certain percentage of the employee's salary to the PF account, which can be withdrawn by the employee at the time of retirement or in case of other contingencies.