This document summarizes the key aspects of the Employees' State Insurance Act of 1948 in India. It provides social security benefits like sickness benefits, extended sickness benefits for over 2 years of continuous employment, medical benefits through ESI dispensaries and hospitals, and dependents benefits. The act applies to certain factories and establishments but excludes seasonal factories engaged in specified activities for less than 7 months per year. The aim is to provide economic security to workers in cases of sickness, disability, and for dependents.
The ESI is the largest integrated need-based social insurance scheme for employees. It protects the employees in times of uncertain and unfortunate events. The scheme provides both cash benefits and healthcare.
The ESI is the largest integrated need-based social insurance scheme for employees. It protects the employees in times of uncertain and unfortunate events. The scheme provides both cash benefits and healthcare.
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.
The promulgation of Employees’ State Insurance Act by the Parliament in 1948was the first major legislation on comprehensive Social Security for Workers in Independent India. The Act insures social protection of workers in the organized sector in contingencies, such as sickness, maternity, death or disablement due to employment injury and occupational disease. Based on the principle of “pooling of risks and resources”, the unique, multidimensional health insurance Scheme guarantees a fair deal to the covered members by providing full medical facilities to the beneficiaries, besides, adequate cash compensation to insured persons for loss of wages or earning capacity in times of physical distress arising out of sickness or employment injury or unemployment.
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.
The promulgation of Employees’ State Insurance Act by the Parliament in 1948was the first major legislation on comprehensive Social Security for Workers in Independent India. The Act insures social protection of workers in the organized sector in contingencies, such as sickness, maternity, death or disablement due to employment injury and occupational disease. Based on the principle of “pooling of risks and resources”, the unique, multidimensional health insurance Scheme guarantees a fair deal to the covered members by providing full medical facilities to the beneficiaries, besides, adequate cash compensation to insured persons for loss of wages or earning capacity in times of physical distress arising out of sickness or employment injury or unemployment.
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.
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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.
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2. CONTENTS
Definition
Key of features of ESI
• Extended Sickness Benefits
• Sickness Benefits
• Medical Benefits
• Dependants Benefits
Act Does Not Apply To
3. The Employees State Insurance Act 1948 is beneficial and
social legislation.
It main aim is to provide economic security to people who
work in certain factories and establishment.
It provides for payment of benefits to workers in cases of
extended sickness, disablement, dependants, etc.
DEFINITION
4. To be entitled to the Extended Sickness
Benefit an Insured Persons should have been
in continuous employment for 2 years or more
at the beginning of a spell of sickness in which
the disease is other contributory conditions.
Extended Sickness Benefit
5. Insured employees is entitled to receive for the period of his
sickness at the daily “standard benefit rate”.
Minimum 78 days of corresponding contribution is must.
Benefit is not available for the first 2 days of sickness
Maximum period for benefit is 91 days in one year
Standard benefit rate.
Daily rate at which sickness benefit is payable during period
of sickness:
-Lowest rate is Rs. 14/ -
-Highest rate is Rs. 195/ -
Sickness Benefit
6. As per the provisions of ESI Act, 1948,
the State Government are responsible
for providing the medical benefits
through the network of ESI
Dispensaries (for primary medical
services ) and ESI Hospitals (for
secondary medical services).
Medical Benefit:
7. In the case of temporary disablement, the
compensation is generally 90% of the wage
amount until the disablement continuous.
The employees can claim this benefit irrespective
of whether or not he paid his contribution.
Disablement Benefits
8. Seasonal factories engaged exclusively in any of the activities
like: cotton ginning, cotton or jute pressing, decoration of
ground nuts, manufacturing coffee, indigo, lac, rubber, sugar, or
tea or any manufacturing process incidental to or connected
with any of the afore said activities, and including factories
engaged for a period not exceeding seven months in a year in
blending., packing or repackaging tea or coffee, or in such other
processes as may be specified by the central govt.
Act Does Not Apply To