Employees' State Insurance Corporation is a self-financing social security and health insurance scheme for Indian workers. This fund is managed by the Employees' State Insurance Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948. ESIC is an autonomous corporation by a statutory creation under Ministry of Labour and Employment, Government of India.
Employees' State Insurance Corporation is a self-financing social security and health insurance scheme for Indian workers. This fund is managed by the Employees' State Insurance Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948. ESIC is an autonomous corporation by a statutory creation under Ministry of Labour and Employment, Government of India.
This ppt is the summery of ESIC topic, i have tried to explain the procedures involved in ESI with my FAQ segments.
Hoping you all will like and appreciate it...
ESI Scheme of India, is a multidimensional social security system tailored to provide socio-economic protection to worker population and their dependents covered under the scheme.
the presentation contains elaborately the cracks of MB Act, furthermore I have tried to mention the recent amendments in the act from 2017 in simpler words
Dear Seniors & Friends,
Sharing the PPT on "Employee's State Insurance Act 1948" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
M: 9999 844 355
A bonus payment is usually made to employees in addition to their base salary as part of their wages or Salary. While the base salary usually is a fixed amount per month, bonus payments more often than not vary depending on known criteria, such as the annual turnover, or the net number of additional customers acquired, or the current value of the stock of a public company. Thus bonus payments can act as incentives for managers attracting their attention and their personal interest towards what is seen as gainful for their companies' economic success. There are widely‐used elements of pay for performance and working well in many instances, including when a fair share of an employees participation in the success of a company is desired. There are, however, problematic instances, most notably when bonus payments are high. When they are tied to possibly short-lived figures such as an increase in monthly turnover, or cash flow generated from an isolated marketing action, such figures often do not reflect a solid reliable win for a company, and they certainly do not reflect a manager's lasting efforts to the company's best. On the contrary, such figures are prone to being adjusted or even manipulated to the benefit of those employees who are responsible for reporting them, while they are already planning their leave with a golden handshake.
This ppt is the summery of ESIC topic, i have tried to explain the procedures involved in ESI with my FAQ segments.
Hoping you all will like and appreciate it...
ESI Scheme of India, is a multidimensional social security system tailored to provide socio-economic protection to worker population and their dependents covered under the scheme.
the presentation contains elaborately the cracks of MB Act, furthermore I have tried to mention the recent amendments in the act from 2017 in simpler words
Dear Seniors & Friends,
Sharing the PPT on "Employee's State Insurance Act 1948" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
M: 9999 844 355
A bonus payment is usually made to employees in addition to their base salary as part of their wages or Salary. While the base salary usually is a fixed amount per month, bonus payments more often than not vary depending on known criteria, such as the annual turnover, or the net number of additional customers acquired, or the current value of the stock of a public company. Thus bonus payments can act as incentives for managers attracting their attention and their personal interest towards what is seen as gainful for their companies' economic success. There are widely‐used elements of pay for performance and working well in many instances, including when a fair share of an employees participation in the success of a company is desired. There are, however, problematic instances, most notably when bonus payments are high. When they are tied to possibly short-lived figures such as an increase in monthly turnover, or cash flow generated from an isolated marketing action, such figures often do not reflect a solid reliable win for a company, and they certainly do not reflect a manager's lasting efforts to the company's best. On the contrary, such figures are prone to being adjusted or even manipulated to the benefit of those employees who are responsible for reporting them, while they are already planning their leave with a golden handshake.
The employees state insurance act,1948
Social insurance of india
The Adakar plan- Workmen’s State Insurance Bill, 1946
A social welfare legislation with the objective of providing benefits to employees- sickness, maternity and employment injury.
Act tries to attain socio-economic justice enshrined in DPSP under part IV of the constitution
ESIC ACT, 1948
Slides content:
Introduction
Origin
Objective & Applicability
Administration & Registration
Identity card
Employers & Employee contribution
Benefits under the scheme
Benefits to Employers
Rajiv Gandhi shramik Kalyan Yojna
Certification of return of contribution by Auditor
Records to be maintained for inspection by ESI authorities
Employees Insurance court
Special provisions
other provision
Important forms to be submitted under the Act
End.
ESIC Benefits | Only for the Private Use for the Staff of SandMartin Group of Companies & should not be treated as professional opinion/recommendations.
ESI is a multidimensional social security system tailored to provide socio-economic protection to the worker population and their dependents covered under the scheme. ESI is completely different from insurance that is provided for the general public. It supports full medical care and reasonable economic assistance to the beneficiaries for benefits like sickness, maternity, disablement and death due to employment injury. It is one of the most effective measures available to employees in a working environment.
Similar to Employee state insurance act, 1948 (20)
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Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
2. Employee State Insurance Act, 1948
• ESI Scheme of India, is a multidimensional social security
system tailored to provide socio-economic protection to
worker population and their dependants covered under the
scheme.
• Pioneering measure in social insurance in India.
• Originally called “workmen’s state insurance bill” 1946.
• Came into force on 19th April 1948.
3. Applicability
• ACT APPLIES TO FACTORIES USING:
• Smaller power-using factories with 10-19 persons
• Non-power factories with 20 or more persons
• Shops
• Hotels and restaurants
• Cinemas including preview theatres
• Newspaper establishments
• Road motor transport undertakings employing 20 or more persons.
• The Existing Wage Limit for coverage under the ACT is 15,000/-
pm, w.e.f May 01, 2010
4. ESI Contribution Share
Employee’s ESI
Contribution
(1.75% of the Gross
Salary)
Employer’s ESI
Contribution
(4.75% of the Gross
Salary )
Total ESI
Contribution
(6.5% of the Gross
Salary)
5. Contribution & Benefit Period
• Employers covered under the ACT, are required to pay the
Contribution towards the scheme on a monthly basis. (every
21st of the month.
• There are 2 Contribution periods each of SIX months and two
corresponding benefit periods also of SIX months like :
Contribution Benefit Period
1st April to 30th Sep 1st Jan to 30th June
1st Oct to 31st March 1st July to 31st Dec
6. Social Security Benefits (Sec46)
1. Sickness and extended sickness benefit
2. Maternity benefit
3. Disablement benefit
4. Dependants’ benefit
5. Medical benefit
6. Funeral benefit
7. SICKNESS AND EXTENDED SICKNESS BENEFIT
• Represents periodical payments made to an insured person for
the period of certified sickness after completing 9 months in
insurable employment.
• To qualify, contributions should be for minimum 78 days in the
relevant period.
• Maximum duration for benefit is 91 days.
• Rates of payment vary from rs.14-125 per day, i.E. Average of
50% of daily wages.
8. MATERNITY BENEFIT
• Implies cash payment to an insured woman in case of
confinement or miscarriage or sickness arising out of pregnancy
or premature birth.
• Woman should have contributed for minimum 70 days in the
preceding two consecutive contribution periods.
• Daily rate of benefits double the standard sickness benefit rate,
i.E. Full wages.
• Normally payable for max 12 weeks for confinement and
6 weeks for miscarriage or medical termination of pregnancy.
9. DISABLEMENT BENEFIT
• In case of temporary disability arising out of employment
injury, this benefit is admissible for the entire period
certified by an insurance medical officer/practitioner for
which the insured person does not work for wages.
• Rate payable not less than 70% of daily wages; minimum 3
days of incapacity required.
• In case injury results in permanent, partial or total loss of
earning capacity, periodical payments to be made for life.
One-time lump sum is permissible in certain cases.
10. DEPENDANTS’ BENEFIT
Periodical pension paid to dependants of deceased where death
occurs out of employment injury or disease.
• Widows: 3/5th of benefit rate for life or until remarriage
• Children: 2/5th of benefit rate until 18
• Total amount distributed not to exceed ceiling of disablement
benefit.
• Benefit not paid to married daughters.
11. MEDICAL BENEFIT
• Treatment continues even if person goes out of coverage, till
sickness ends.
• Package covers all aspects of health care from primary to super-
specialist facilities, such as :
1) Out-patient treatment
2) Domiciliary treatment
3) Specialist consultation and diagnostic facilities
4) X Ray and Lab Investigations
5) Ambulance services etc
12. FUNERAL BENEFIT
• Funeral Expenses : An amount of Rs.10,000/- is payable to
the dependents or to the person who performs last rites
from day one of entering insurable employment.
ALL BENEFITS UNDER THE ESI SCHEME ARE
PAID IN CASH EXCEPT MEDICAL BENEFIT,
WHICH IS GIVEN IN KIND.
14. PROTECTION
An employer cannot dismiss or punish an employee under
treatment for sickness of in receipt of any benefit or absent from
work due to illness. Any notice of dismissal, discharge or
reduction is invalid. However, the employer can discharge or
punish the employee if:
– He has received temporary disablement benefit and remained absent for 6
months or more
– Is under treatment for sickness other than TB or arising out of pregnancy
and remained absent for 6 months or more
– Is under medical treatment for TB or a malignant disease and has
remained absent continuously for 18 months or more.
15. PENALTIES
• Different punishments have been prescribed for different types of offences in
terms of Sec.85
(i) (six months imprisonment and fine Rs. 5000/-),
(ii) (one year imprisonment and fine), and 85-A: (five years imprisonment
and not less to 2 years) and 85-C (2) of the ESI Act, which are self
explanatory. Besides these provisions, action also can be taken under section
406 of the IPC in cases where an employer deducts contributions from the
wages of his employees but does not pay the same to the corporation which
amounts to criminal breach of trust.