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both PF & ESIC are the compensation benefits provided by the employer. while esic is for the gross salary less than Rs. 10,000 per month, and the PF for more than that. ESIC is more like an insurance. (Employee State Insurance Corporation) So it caters to events like health insurance during accidents and diseases. But PF is simply a provident fund, which can be availed at the time of leaving a particular employer's job.
From India, Madras
From India, Madras
PF is provident fund ,Employees can contribute an amout to this fund from his salary.It will be remitted to PF department and we will get back it when we are leaving our job.Emplyer should be contributed 50% of the total contribution and there will be a maximum limit for employer contribution.There is no limit in employee contribution.
ESI is a fixed amout contributed by emplyer.There is salary limit for ESI,normally ESi eligible salary is below 6000/Pm
From India, Madras
ESI is a fixed amout contributed by emplyer.There is salary limit for ESI,normally ESi eligible salary is below 6000/Pm
From India, Madras
The last date for payment of PF deposit is 15th of every month and ESIC is 16th of every month. 5 days grace period is also allowed for both of them. i.e cheque should be cleared upto 20th/ 21th of the month.
FOLLOWING DOCUMENTS ARE REQUIRED FOR COVERAGE and then contact Local PF Office
1 Copy of 1st partnership deed / memoranda and article of association
2 Extracts from 1st Year ledger / cashbooks for :
1st purchase of raw material
1st salary / wages paid
1st salaray / wages paid
1st sale
1st rent paid
3 Copy of 1st Sales tax assessment order
4 Copy of 1st Income Tax assessment order
5 Copy of 1st years balance sheet
6 Salary/wages registers, vouchers, books and balance sheets from date of start till date of provisional coverage done earlier
7 C.S.T & B.S.T. Certificate
8 Books of accounts ( Ledger, cash books etc.) since beginning.
9 Balance sheet / P&L account (in case of Limited company Annual Report since beginning.)
10 Shops & Establishment Registration Certificate/Factory Licence
11 Partnership deed in case partnership firm) and Memorandum of Association & Articles (In case of Limited Co.)
12 Salary/Wage register and Attendance Register since beginning.
13 Month wise strength of numbers of employees since beginning
14 List of Directors/Partners/ owners along with their residential addresses
15 Name of the Bankers, Address of the Bank and and name of the person responsible for financial affairs.
From India, Madras
FOLLOWING DOCUMENTS ARE REQUIRED FOR COVERAGE and then contact Local PF Office
1 Copy of 1st partnership deed / memoranda and article of association
2 Extracts from 1st Year ledger / cashbooks for :
1st purchase of raw material
1st salary / wages paid
1st salaray / wages paid
1st sale
1st rent paid
3 Copy of 1st Sales tax assessment order
4 Copy of 1st Income Tax assessment order
5 Copy of 1st years balance sheet
6 Salary/wages registers, vouchers, books and balance sheets from date of start till date of provisional coverage done earlier
7 C.S.T & B.S.T. Certificate
8 Books of accounts ( Ledger, cash books etc.) since beginning.
9 Balance sheet / P&L account (in case of Limited company Annual Report since beginning.)
10 Shops & Establishment Registration Certificate/Factory Licence
11 Partnership deed in case partnership firm) and Memorandum of Association & Articles (In case of Limited Co.)
12 Salary/Wage register and Attendance Register since beginning.
13 Month wise strength of numbers of employees since beginning
14 List of Directors/Partners/ owners along with their residential addresses
15 Name of the Bankers, Address of the Bank and and name of the person responsible for financial affairs.
From India, Madras
ESI : Basic + HRA + DA + Other Allowances + LTA + Conveyance and everything that makes your gross salary not exceeding Rs.10,000/- per month.
PF : Basic + DA only Employees contribution will be 12% of his emoluments.12% of emoluments (basic wages, dearness allowance, cash value of food concession and retaining allowances if any,) in the case of 175 establishments.
Rate of contribution shall be 10% in the case of the following:
Brick, beedi, jute, guar gum factories, coir industry other than spinning sector.
A matching contribution is to be collected from the emoluments of the employees.
Out of 12% (or 10% as the case may be) of the employer’s share of contribution, 8.33% is to be remitted towards pension fund.
Employer is also required to pay a contribution of 0.5% of the emoluments towards EDLIS’1976
From India, Madras
PF : Basic + DA only Employees contribution will be 12% of his emoluments.12% of emoluments (basic wages, dearness allowance, cash value of food concession and retaining allowances if any,) in the case of 175 establishments.
Rate of contribution shall be 10% in the case of the following:
Brick, beedi, jute, guar gum factories, coir industry other than spinning sector.
A matching contribution is to be collected from the emoluments of the employees.
Out of 12% (or 10% as the case may be) of the employer’s share of contribution, 8.33% is to be remitted towards pension fund.
Employer is also required to pay a contribution of 0.5% of the emoluments towards EDLIS’1976
From India, Madras
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Guidelines.doc