EXPLAINED! ESIC scheme benefits for employees: Salary, pension and medical benefits, all you should know

In case of an emergency, anyone can suddenly require a big amount of money. This can be a medical emergency or some other financial need. Working professionals can use their Provident Fund money, but that should not ideally be done. People can instead take benefits of a government scheme called ESIC or Employees' State Insurance Scheme. Under this scheme, employees get many benefits including health facilities, pension benefits, medical benefits, and salary benefits. Being a working professional, you should know about the benefits that ESIC provides. Tax Expert Manish Gupta has shared all the information about the scheme with Zee Business on Money Guru show. Check it all out below:  

What is ESIC?

- ESIC is an Employees' State Insurance Scheme
- It is a health insurance scheme for employees
- Applicable to an institution with 10 to 20 employees
- Rules under ESIC Act 1948 are fixed
- Lies under the Union Ministry of Labour and Employment

Contribution pattern to ESIC

- Both employee and employer contribute to ESIC
- The contribution amount changes from time to time
- 0.75% of employee's salary is contributed at present
- The employer contributes 3.25% to ESIC
- Average salary per day of employees Rs 137

Benefits of ESIC

- The scheme is only valid for a salary purview of up to Rs 21,000
- The salary limit under ESIC was earlier Rs 15,000
- Medical facilities to employee and family
- The treatment facility in case of health issues
- ESIC Dispensary/ Free treatment in ESIC hospitals
- Treatment in private hospitals in case of serious illness
- ESIC to pay up to 3 months salary in case of job loss

Medical benefits

- Treatment charges in case of serious illness of an employee
- ESIC to pay 70% of salary in case of employee' disability
- ESIC to give 90% share of salary in case of employee's permanent disability

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Pregnancy benefits

- Women get maternity leave
- 6 months salary with maternity leave
- ESIC pays 6 months salary to pregnant working women
- 6 weeks extra holiday in case of a miscarriage

Pension Rules

- Dependent gets pension on the death of an insured person
- Life pension is given on behalf of ESIC
- Pension is divided into 3 parts; wife, children, and parents are insured