Employees’ State Insurance (ESI)

Posted in Human Resource Terms, Total Reads: 4962
Advertisements

Definition: Employees’ State Insurance (ESI)

ESI is an acronym for Employees’ State Insurance.


It is self-financing social security and health insurance scheme for Indian workers.


Objectives of ESI scheme are:

• To protect the employees in the organisation against the events of sickness, maternity, disablement, and death due to employment injury and

• To provide medical care to the insured employees and their family

 

The ESI Scheme is administer by a corporate body called the ‘Employees State Insurance Corporation’ (ESIC). ESIC works accordingly the rules and regulation stipulated by ESI act, 1948.


ESI contribution consists of employee’s share (1.75% wages) and employer’s share (4.75% of wages). The existing wage limit for ESI coverage is 15,000.

 

Browse the definition and meaning of more terms similar to Employees’ State Insurance (ESI). The Management Dictionary covers over 7000 business concepts from 6 categories.

Search & Explore : Management Dictionary



Share this Page on: