ESI PF Services in Chennai
FIRMDESK provides ESI PF services in Chennai. ESI (Employee State Insurance) and PF (Provident Fund) are social security schemes in India, designed to provide financial security and benefits to employees. These schemes are governed by the ESI Act, 1948 and Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, respectively.
Employee State Insurance (ESI)
What is ESI?
ESI is a health insurance and social security scheme managed by the Employee State Insurance Corporation (ESIC). It provides medical and financial benefits to employees and their families.
Applicability:
Mandatory for establishments with 10 or more employees (20 in some states).
Applicable to employees earning a gross salary of ₹21,000 or less per month (₹25,000 for employees with disabilities).
Benefits of ESI:
Medical Benefits: Free medical care for employees and their dependents.
Sickness Benefits: 70% of wages for up to 91 days in a year for certified illnesses.
Maternity Benefits: Paid leave for 26 weeks for female employees.
Disability Benefits: Monthly payments in case of temporary or permanent disability.
Dependent Benefits: Financial assistance to dependents in case of the employee’s death due to work-related injuries.
Unemployment Allowance: Under the Atal Beemit Vyakti Kalyan Yojana, unemployment benefits are provided.
Contributions:
Employee: 0.75% of gross salary.
Employer: 3.25% of gross salary.
Provident Fund (PF)
What is PF?
PF is a savings scheme managed by the Employees’ Provident Fund Organization (EPFO), aimed at building a retirement corpus for employees.
Applicability:
Mandatory for establishments with 20 or more employees.
Applicable to employees earning a basic salary of up to ₹15,000 per month. Employees earning more can voluntarily opt-in.
Benefits of PF:
Retirement Savings: Accumulated contributions plus interest act as a retirement fund.
Partial Withdrawals: Allowed for specific purposes like medical emergencies, education, marriage, or home purchase.
Insurance Coverage: Under the Employee Deposit Linked Insurance (EDLI) scheme, employees get life insurance benefits.
Pension: Employees also receive a pension under the Employee Pension Scheme (EPS).
Contributions:
Employee: 12% of basic salary and dearness allowance.
Employer: 12% of basic salary and dearness allowance (8.33% to EPS, remaining to EPF).
Comparison Between ESI and PF
| Aspect | ESI | PF |
|---|---|---|
| Purpose | Health insurance and social security | Retirement savings and financial security |
| Applicability | Establishments with 10+ employees | Establishments with 20+ employees |
| Employee Salary Cap | ₹21,000/month | ₹15,000/month (for mandatory enrollment) |
| Employee Contribution | 0.75% of gross salary | 12% of basic salary |
| Employer Contribution | 3.25% of gross salary | 12% of basic salary |
| Benefits | Medical, maternity, disability, dependents | Retirement, partial withdrawals, pension |
ESI PF Service Cost
Our Highlights
- Seamless Compliance Process
- Expertise in Regulatory Norm
- Efficient Documentation Handling
- Dedicated Support