ESI is deductible from salary of employee @1.75% and
Employer contributes @ 4.75%
The threshold limit is Rs.10000/- i.e. if the salary is
equal to ir more than Rs.10000/- than no ESI is deductible
from particular employee salary and also employer will not
contribute for the same.
The ESI Scheme is mainly financed by contributions raised from employees covered under the scheme and their employers, as a fixed percentage of wages. As of now, the rates of contribution are:-
( i )
1.75 percent of wages
4.75 percent of wages
Employees’ earning upto Rs.50/- a day as wages are exempted from payment of their part of contribution.
The State Govts bear one-eighth share of expenditure on Medical Benefit within the per capita ceiling of Rs.900/- per annum and any additional expenditure beyond the ceilin
The ESI deduction is always on the complete salary, who are drawing Rs. 15,000/- or less. It is not necessary for the management to deduct and pay the esi contribution for the employee who are drawing more than Rs. 15,000/- per month as wages/ salary. The employee share of contribution of ESI is @ 1.75% and employer share of contribution of ESI is @ 4.75%
What is the different between each of the following.
a) ordinary shares and preference shares
b) called and uncalled capital
c) bearer debentures and convertible notes
d) floating charge and specific charge