New ESIC & EPF Registration

ESIC and EPF are social security schemes provided by the government of India. These schemes assist the employees in difficult times. ESIC takes care of the employees in case there are any medical emergencies, gives benefits during maternity and also in case of unemployment. A very small amount is contributed every month by both the employer as well as employee. 

EPF is a scheme that aims at inculcating the habit of saving among the salaried employees. Monthly contributions are made by the employer as well as the employee. These contributions along with the interest can be utilized by the employees during the tenure after the retirement. The expenses with retirement increase but there is no source of income. This amount plays a very important role in running a smooth life after retirement.

EPF and ESIC registration is mandatory subject to certain conditions. If any organization is not compliant with the set norms and regulations will be liable for a penalty. NAS Solutions has extensive experience in dealing with registration and monthly deductions. We can therefore assist every organization in the entire process.

In every organization, employees are the assets that are instrumental in boosting growth and success. Keeping in view the efforts and time they devote to any organization necessitates a scheme that can protect them from any unforeseen situation which may prove to be a financial burden.  

ESIC protects the employees in case of any health issues, any disablements as well as maternity. It offers financial assistance from the funds that are created out of the contributions made by the employee as well as the employer in a fixed percentage.

Employees that are insured under this scheme are allowed medical benefits for themselves as well as dependents. Cash benefits are also provided in case there is a loss of wages. In case of death during work, the dependents are entitled to a pension.

Every organization has more than 10 employees must get registered under this so that their employees can avail themselves the benefits in the future.

NAS Solutions expertise will guide you through the registration process as well as in monthly deductions, thereby ensuring that you are completely compliant with the government norms.

Everyone works hard to achieve success and security for the present as well as the future. The present can be taken care of with the monthly salaries received in return for their hard work. But after an individual retires from their job, there are no fixed sources of income to take care of their basic needs.

The expenses after retirement at times also increase because of certain medical conditions but with no fixed source of income. Keeping this in view the government had introduced EPF to inculcate the habit of saving which would assist the retirees. 

According to this, 12% of their basic salary is contributed monthly by the employee along with a monthly contribution in the same percentage by the employer. Since it is a scheme managed by the government there is a fixed rate of interest with low risk. On retirement, the employee gets a lump sum amount which includes contribution made by them as well as the employers along with the interest.

There is no tax applicable on EPF since it is deducted from the income; therefore it enjoys the benefit of Exemption. But this tax exemption is not applicable if the amount is withdrawn before the completion of 5 years.

Every salaried person can avail of the benefits of this scheme which requires you to be registered under EPF as well as making monthly contributions. It is a source of money that is extremely crucial after retirement. NAS Solutions has been able to assist numerous organizations in registration and compliance related to EPF.

As per the criteria for EPF, every organization that has more than 20 employees must be registered. Contributions are made by both the employer and employee and the employee gets the whole contributed amount along with the interest on their retirement.

It is a saving scheme that is under the government’s regulation. This is mainly targeted to the salaried class for instilling in them the habit of saving which will eventually help them after their retirement.

There are many prerequisites for registration as well as contributions. NAS Solutions has the experience to assist you in the new ESIC registration process depending on the company strength as well as in the calculation of the contributions. We have catered to all the essential requirements related to EPF.

Employees are an asset to any organization and to protect them from any difficult situation, every organization must be registered under ESIC.

ESIC ensures that workers are protected in case of any unforeseen circumstances which might put a financial burden on them. This scheme provides various benefits to the employees in case of issues related to health, maternity, funeral, rehabilitation, etc. Employees that are registered under this are entitled to medical benefits for their families and certain maternity benefits in the case of women employees.

NAS Solution can offer expert guidance on the registration and deductions related to ESIC.

EPF also called as Provident fund or PF is a social security benefit scheme given to all the salaried employees by the government. It is the benefit provided by the employer apart from the salary. An employee can fall back for financial support on this fund after his retirement. Every account receives an annual interest. 

Registration of organizations that have more than 20 employees is mandatory. EPF will be calculated on gross salary except HRA and variable allowances. The employee will be responsible for a contribution of 12% whereas the employer’s contribution will be 13% including admin and EDLI charges.  If an employer is not registered under EPF or indulges in wrong depiction of PF payments will be legally responsible for huge penalties.

Withdrawal:

EPF can be withdrawn entirely or partially.

Complete withdrawn of the EPF can be under the following circumstances:

1.    When a person retires

2.    When a person is unemployed for a period of more than two months

To withdraw on the above criteria requires attested documents proving unemployment by a gazette officer.

Partial withdrawal can be done under the following circumstances which are subject to certain conditions:

1.    Medical Purpose

2.    Marriage

3.    Education

4.    Purchase of land

5.    Home loan repayment

NAS Solutions can rightfully boast of an experience that can assist you in complying with the norms set under EPF guidelines. 

ESIC stands for Employee State Insurance Corporation. It is an autonomous body formed by the Ministry of Labor and Employment. Employee State Insurance is a social security scheme, the components for which are contributed by the employer as well as the employee in the required percentage. It was initiated for providing benefits to the Indian workers by providing them with the necessary facilities like medical and monetary from their employer. ESI is governed by the rules and provisions issued by the ESIC Act 1948.

It is mandatory for every organization where the number of employees is more than 10, to register with Employee State Insurance Corporation (ESIC).

NAS Solutions has a dedicated and experienced team that will provide assistance to your organization in registering your company with ESIC.

Location: Vibhuti Khand, Gomti Nagar, Lucknow, Uttar Pradesh 226010, India

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