Employees State Insurance (ESI) is a self financing social security and health insurance scheme for Indian workers. This fund is managed by the ESI Corporation according to rules and regulations stipulated under ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family through its large network of branch offices, dispensaries and hospitals throughout India. ESI is an autonomous corporation under Ministry of Labour and Employment, Government of India.
ESI Registration is compulsory for organizations employing more than 10 individuals. Also, small organizations which do not have the minimum strength can register themselves voluntarily. Organizations which grow to a strength of 10 employees are expected to register themselves within one month of attaining the minimum strength.
Employees Provident Fund (EPF) is a scheme administered by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the umbrella of Employees’ Provident Fund Organisation (EPFO). Basically, EPF is like a benefit to an employee during the retirement provided by the organization.
PF registration is applicable for all establishment which employs 20 or more persons. PF registration can also be obtained voluntarily by establishments having less than 20 employees.