Employee's State Insurance (ESI): ESI is a social security and health insurance scheme in India. It is governed by the Employees' State Insurance Act, 1948. ESI provides medical and cash benefits to employees and their dependents in case of sickness, maternity, disablement, or death due to employment injury. Both employees and employers contribute to the ESI fund. The employee's contribution is deducted from their salary, while the employer also contributes a portion. The ESI Corporation manages the fund and ensures that eligible employees and their dependents receive the benefits. Provident Fund (PF): Provident Fund is a retirement savings scheme in India. It is governed by the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. Under PF, a certain portion of an employee's salary (usually 12%) is contributed to their provident fund account. The employer also contributes an equal amount to the employee's PF account. The PF account is a long-term savings fund, and the accumulated amount, along with interest, is provided to the employee upon retirement, resignation, or in some cases, for specific financial needs. Employees can also take loans or make withdrawals from their PF accounts for various purposes like buying a home, marriage, education, or medical emergencies. Both ESI and PF are mandatory for certain categories of employees and organizations in India, based on factors like the number of employees and the nature of work. Employers are responsible for managing and maintaining records for both ESI and PF contributions and disbursing benefits to eligible employees. #payroll #tcm #esi #wages #pf https://www.tcmservicemart.com https://services.tcmservicemart.com/latest-update/-you-cannot-change-/157 https://g.co/kgs/EWruJK