EPF & ESIC

EPF & ESIC: A Comprehensive Overview

EEmployees' Provident Fund (EPF)

EPF is a retirement savings scheme for employees in India. It is a mandatory contribution by both employees and employers to provide financial security to employees after retirement.

Key Features:

• Eligibility: Applicable to establishments with 20 or more employeesg
• Contribution: 12% of basic salary by employer and 12% by employeeg
• Interest Rate: 8.5% per annum (2022-23)g
• Withdrawal: Allowed for specific purposes, such as marriage, education, and housin

Employees' State Insurance Corporation (ESIC)

ESIC is a social security scheme for employees in India, providing medical and cash benefits in case of sickness, maternity, and employment injury.

Key Features:

Eligibility: Applicable to establishments with 10 or more employeesg

Contribution: 4.75% of gross salary by employer and 1.75% by employeeg

Benefits: Medical care, maternity benefits, and cash benefits for sickness and employment injury

Both EPF and ESIC are mandatory compliances for employers in India, providing financial security and social benefits to employees.

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