An Employment Provident Fund (i.e. EPF) is a retirement perk that is usable by all salaried employees. This reserve is controlled and supervised by the EPFO (i.e. the Employees Provident Fund Organisation of India). Any organization employing 20 employees or more is needed to register under the EPFO as per our legal framework. Contribution to the PF account is mandatory for each employee earning a basic salary up to INR 6500. It is simply a savings medium that enables employees to set aside a fraction of their resources each month.
ESI stands for Employee State Insurance managed by the Employee State Insurance Corporation which is an autonomous body created by the law under the Ministry of Labour and Employment, Government of India. This scheme is started by Indian workers. The workers are provided with a huge variety of medical, monetary, and other benefits from the employer. Any Company having more than 10 employees (in some states it is 20 employees) who have a maximum salary of Rs. 15000/- has to mandatorily register itself with the ESIC.
Full medical care is provided to all persons registered under ESI and their family members – from the day the person enters insurable employment. There is no ceiling on expenditure on the treatment of an Insured Person or his family member. Medical care is also provided to retired and permanently disabled insured persons and their spouses on payment of a token annual premium of Rs.120/-.
Sickness benefits at the rate of 70% (in the form of salary), in case of any certified illness certified and which lasts for a maximum of 91 days in any year.
Maternity benefit for confinement/pregnancy is provided for three months, which is extendable by further one month on medical advice at the rate of full wage subject to contribution for 70 days in the preceding year.
From the day of entering insurable employment and irrespective of having paid any contribution, 90% of wage is payable so long asthe temporary disability continues. Permanent disablement benefit is payable at the rate of 90% of wages in the form of a monthly payment, in case of permanent disablement based on the extent of loss of earning capacity as certified by a Medical Board.
Dependant benefit is paid at the rate of 90% of wages in the form of monthly payment to the dependant of a deceased insured person, in cases death occurs due to employment injury or occupational hazards.
One of the biggest drawbacks of having a publicly-traded company is that with the number of shareholders increasing, the managerial process and operations tend to grow more complex.This is mainly because different shareholders bring their inputs regarding how the business should be run. As private limited companies are owned by fewer people, managing operations is much easier as people are more likely to reach a consensus easily.
Registering your business can feel like a daunting prospect due to the documents required and the legal processes that you must partake in. Our Startup India can help you register your business online in just a few simple steps.
Start-ups and private limited companies enjoy better tax breaks than larger companies that are registered differently such as 3 years tax holiday if recognized as startups under startup India, loss of initial years can be adjusted with a profit of company when the company turns into profit and Corporate tax is 25% +cess turnover up till 2 cr whereas in other entities its 30%. This can be a huge boon to entrepreneurs who want to save money wherever possible.
At Our Startup India, we offer a range of packages to suit your needs. Start by selecting the appropriate one, fill out the required forms, or simply speak to our experts online for assistance.
Ourstartup India professionals will collect the basic information and required documents for the initiation of the process.
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Ourstartup India professionals will apply online for PF & ESI with the help of your employer and will acknowledge with the 17 digit unique number the government will issue.
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