Based on the content provided regarding Import Export Code (IEC) registration, it seems there might be some confusion in your request. The information provided pertains to the registration process, prerequisites, and documents required for obtaining an IEC, not PF (Provident Fund) and ESIC (Employee State Insurance Corporation) registrations.
Registering for Provident Fund (PF) and Employee State Insurance Corporation (ESIC) provides employees with financial security, ensuring their well-being in various situations:
By registering for PF and ESIC, employers demonstrate their commitment to prioritizing employee welfare and providing them with the necessary financial safety nets. This fosters a positive work environment, boosts employee morale, and enhances overall productivity within the organization.
You cannot get PF amount in the ESI account because PF is a monetary fund to help employees in unemployment period and retirement; whereas ESI is meant for meeting social securities namely health and insurance for the family and employees. EPF is as good as a savings account maintained for the employees and he can get details of the amount deposited to the EPF account over the period of time and interest accrued. However, ESIC is equivalent to insurance premium paid for medical benefits. Amount paid to ESIC account is not refundable to the employee.
Log in to your registered account on the EPF website and click on the downloads which are at the top of your account. A dropdown list will appear and choose EPF certificate, your PDF version will be generated.
ESI scheme is set to cater the health and insurance needs of the employees and is funded by the employees and the employer. For this purpose, registration with the government is required which is called ESI registration.
The contributors in PF and ESIC are the employer and employee in a predefined ratio.
EPF:-The employer and employee both contribute 12% each of the employee’s salary (basic + dearness allowance) to the EPF. However, in case an establishment opt for EPF registration voluntarily then 12% reduces to 10%.
ESIC:-Currently, the employee’s contribution rate (w.e.f. 01.07. 2019) is 0.75% of the wages and that of employer’s is 3.25% of the wages paid/payable in respect of the employees in every wage period. Employees in receipt of a daily average wage upto Rs. 137/- are exempted from payment of contribution.
