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They are providing Legal consultation and Law opinions as part of our services in which we make you comply with the appropriate laws and regulations for preventing your possible legal risks and violations.

PF

PF stands for Provident Fund that is a scheme for providing a monetary benefit to all salaried individuals after their retirement.

It is managed by "Employee Provident Fund Organisation of India". Any organisation that has more than 20 employees must register with the EPFO.

In this process, an amount is deducted from their monthly salary and saved into the EPF account.

12% of the salary goes to the EPF account along with 3.67% from your company. The remaining 8.33% of the 12% is sent to the Employee Pension Scheme

All individuals earning a salary of Rs 15,000 and above have to register under the EPF scheme. The minimum rate is 12% out of a salary of Rs 15,000 that is Rs 1800 per month. So, both the company and you will contribute Rs 1800 to the EPF scheme. Apart from this rate, the employer has to pay an additional amount of 0.5% towards the EDLI (Employees Deposit Linked Insurance Scheme) which is an insurance cover. Through this scheme, your nominee will receive a lump sum amount as death benefit.

There are administrative costs for EPF and EDLI that have to be borne by the employer. A charge of 1.1% for EDLI and 0.01% for EPF is contributed. Please click on the attachment link for viewing EPF Act, 1952

*** Attachment Link *** Download Here: (Attachment Name - EPFAct1952)

ESI

ESI - Employee StateInsurance is a contributory fund that enables Indian employees to participate in a self-financed, healthcare insurance fund with contributions from both the employee and their employer.

An integrated social security scheme tailored to provide social protection to workers and their dependents, in the organized sector, in contingencies, such as, sickness, maternity and death or disablement due to an employment injury or occupational hazard.

If the company is having 10 or more employees irrespective of their monthly earnings, they should be registered with ESI Scheme. The count of employees may vary according to the state rule.

All employees of a covered unit, whose monthly incomes (excluding overtime, bonus,leave encashment) does not exceed Rs.21000 per month, are eligible to avail benefits under the Scheme.

Employees earning daily average wage up to Rs.176 are exempted from ESIC contribution. However, employers will contribute their share for these employees.

ESI Contribution % in “Tamilnadu” state

Employee's ESI Contribution is 0.75% of Gross Salary
Employer's ESI Contribution is 3.25% of Gross Salary