A Guide for Employers and Employees on EPF and ESIC Payment Compliance
EPF (Employees' Provident Fund) and ESIC (Employees' State Insurance) are vital statutory welfare schemes that safeguard the financial and medical security of employees in India. Compliance with EPF and ESIC regulations is mandatory for employers, and it plays a crucial role in ensuring employee benefits such as retirement savings and healthcare. Both employers and employees need to understand the obligations and rights associated with these schemes. EPF and ESIC Payment Compliance EPF Compliance The Employees' Provident Fund (EPF) is a retirement benefit scheme designed to help employees save a portion of their salary for the future. Under EPF compliance, both the employer and the employee contribute 12% of the employee’s basic salary and dearness allowance towards the EPF account. This contribution is managed by the Employees' Provident Fund Organization (EPFO). Employers must ensure timely submission of contributions every month and accurate record-keeping f...