Difference between revisions of "ESIC"

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* ESIC as a deduction parameter should be configured in their salary calculation.
 
* ESIC as a deduction parameter should be configured in their salary calculation.
 
* Salary component for ESIC should be configured with formula to check employee wages.
 
* Salary component for ESIC should be configured with formula to check employee wages.
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== '''Functionality''' ==

Revision as of 07:38, 25 March 2020

ESIC

E.S.I. Scheme being contributory in nature, all the employees in the factories or establishments to which the Act applies shall be insured in a manner provided by the Act. The contribution payable to the Corporation in respect of an employee shall comprise of employer's contribution and employee's contribution at a specified rate. The rates are revised from time to time. Currently, the employee's contribution rate (w.e.f. 01.07.2019) is 0.75% of the wages and that of employer's is 3.25% of the wages paid/payable in respect of the employees in every wage period. Employees in receipt of a daily average wage upto ₹137/- are exempted from payment of contribution. Employers will however contribute their own share in respect of these employees.

Role

  1. Finance
  2. Staff / Faculty

Path

Salary » Provident Fund » Employee State Insurance Report

Inputs Needed

  • Upper Limit of the wages, employer as well as employees share in percentage should be correctly at the time of configuration.
  • ESIC as a deduction parameter should be configured in their salary calculation.
  • Salary component for ESIC should be configured with formula to check employee wages.

Functionality