News: Govt relaxes deadline for ESI contribution amid COVID-19

Entrepreneurship

Govt relaxes deadline for ESI contribution amid COVID-19

There will, however, not be any impact on the employees working in establishments and contributing to the ESI.
Govt relaxes deadline for ESI contribution amid COVID-19

In the wake of Coronavirus (Covid 19) in the country, a relaxation in the regulations of the Employees’ State Insurance (ESI) Act 1950 has been brought about. The Director-General of the ESI Corporation (ESIC) has relaxed the filing period of ESI contribution for the employers by 15 days. There will, however, not be any impact on the employees working in establishments and contributing to the ESI. The ESI benefits to the employees will continue to be provided as usual. 

After this relaxation, the ESI contribution for the month of February and March can be filed and paid up to 15th April 2020 and 15th May 2020 instead of 15th March 2020 and 15th April 2020, Employees State Insurance Corporation said.

In an announcement, the corporation said, "In the view of the pandemic in the form of “Corona Virus”, the Director General has relaxed the provision as entered in regulations 26 &31 of ‘The Employees’ State Insurance ( General) Regulations. 1950."

The ESI Act is an autonomous corporation under the Ministry of Labour and Employment, Government of India. As it is a legal entity, the corporation can raise loans and take measures for discharging such loans with the prior sanction of the central government and it can acquire both movable and immovable property and all incomes from the property shall vest with the corporation.

The ESI act oversees the provision of medical and cash benefits to the employees and their families. ESI scheme is a type of social security scheme for employees in the organized sector.

Image source- Hindustan

 

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Topics: Entrepreneurship, Corporate Insurance

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