Payroll Compliances
ESI Return Filing
What Is Employee's State Insurance (ESI)?
ESI stands for Employee state insurance. Employee state insurance is a self-financing social security & health insurance scheme offering medical & disablement benefits to Indian workers. It is governed by ESI act, 1948. It is an autonomous body whose funds are managed by employee state insurance ministry of labour & employment. It offers tremendous benefits to employees. Its main aim is to provide
medical & cash benefits to employees and their families through their large network of offices, dispensaries
& hospitals throughout India. All entities registered under ESI act must file ESI returns. As per ESI act, any employee earning Rs.15000 or less per month must contribute 1.75% to the ESI fund whereas employer must contribute 4.75% towards ESI fund.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Employee State Insurance (ESI)
Online ESI Registration In India
The full form of ESI is Employee State Insurance. ESI is handled by an autonomous body called Employee State Insurance Corporation which comes under Ministry of Labor and Employment, Government of India. ESI scheme is initiated for the Indian workers. Under this scheme, the employer offers various medical, monetary and other benefits to the workers. Companies having more than ten employees (in some states, it is 20) and having maximum salary of Rs.15,000 has to mandatorily register itself with the Employee State Insurance Corporation.
Under this scheme, the employer needs to contribute 4.75% of the total monthly salary payable to the employee whereas employee needs to contribute only 1.75% of the total monthly salary. The employees whose salaries are less than 100 rupees per day are exempted to pay this contribution.
Advantages Of ESI Registration
The advantages of ESI registration are as follows:
Medical expenses for old age care
Funeral expenses
If an employee declared disabled or dead at work, then 90% of the employee salary is given to his or her
family or dependents every month.
Maternity benefit provided to the women employees in the form of paid leaves.
Medical benefits to the employee and to the family members
If the employee illness is certified and his or her illness lasts for maximum 90 days in a year, sickness benefit is provided to the employee at the rate of 70% in the form of salary.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Employee Stock Option Plan (ESOP)
What Is ESOP?
Employee stock option plan is the plan formulated to encourage employees to acquire ownership in the
form of shares. In ESOP, the shares are allotted to the employees at a reduced rate than the current market
rate. It is done by the companies to attract, motivate and retain the employees. It is basically a contract
between a company & its employees that gives right to employees to purchase specific number of shares at
a price lesser than the market price within a certain period of time. The fixed price at which the employee
purchases the shares of the company is called the exercise price. In case company’s stock price falls below
the exercise price
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Payroll Services
Payroll Services For Small And Medium Sized Enterprises In India
Running a payroll system is difficult and a time consuming process. To make this task easy, many small
businesses are shifting to the online payroll services to pay employees right salary at the right time. It is a
crucial task to maintain the records of employees working in your organization. There are many activities
which we have to perform to manage the payroll of a company. It includes salary amount, deduction of tax
on salary, paying the taxes to the government, keeping track of emp0loyees leaves per month, generation of pay slips, increment etc. Now days, many small businesses are opting for online payroll service to make their payroll work simple and much more convenient. An online payroll service operates in the cloud system and company doesn’t need any software to be installed or maintained. A business person can manage the company’s payroll system from anywhere and from any place. This system can be used to pay full time & part time employees, contractors, freelancers etc.
Handling payroll system is quite a difficult task and many companies outsource this system to concentrate
on other business activities. Payroll management is something we can’t ignore as you have to pay your
employees for their work correctly and on time.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Provident Fund Registration
Employees Provident Fund (EPF) Registration In India
The Employees Provident Fund is one of the most important platforms of savings for all those people working in the public or private sector in India. It is a statutory body formed by the employee’s provident fund and miscellaneous provisions act, 1952, under the administrative control of the Ministry of Labour, Government of India. EPF scheme is applicable to all salaried employees. The Provident fund Scheme offers retirement benefits to the employees. The Employees Provident Fund Registration is mandatory for all those organizations or companies who have 20 or more than 20 employees, including temporary or permanent employees. In case the number of employees in an organization is less than 20, they can voluntarily register for the Employee provident fund at the regional provident fund office, whereas the Companies having more than 20 employees need to register themselves with EPFO (https://www.finacbooks.com/blog/unified-portal-employees-providentfund) within 1 month. If delayed, it will lead to fines, penalties etc. Less than 20 employees also include contractual employees such as security, housekeeping and other contractual workers of the business. All those co-operative societies whose employee strength is 50 or more also need to register themselves for the employee provident fund (EPF). The registered organizations come under the rules and regulations of the act, and these rules and regulations are still applicable when their employee strength becomes less than the minimum number of employees. Employers need to register themselves for the Provident fund either online or offline. It is best for the employer to register via online mode. The employer can download the registration form from the official portal of the Employees Provident Fund Organization, i.e. www.epfindia.gov.in (https://www.epfindia.gov.in/site_en/).
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees