Employee State Insurance (ESI): ESI is a social security and health insurance scheme in India that provides medical and cash benefits to employees and their dependents in case of sickness, maternity, disablement, or death due to employment injury. Both employers and employees contribute to the ESI fund. The employer's contribution is higher than the employee's contribution. The ESI Act applies to organizations with a specified number of employees and is typically managed by the Employees' State Insurance Corporation (ESIC). Provident Fund (PF): The Provident Fund is a retirement savings scheme in India, known as the Employees' Provident Fund (EPF). It is a long-term savings option for employees. Both the employer and the employee contribute a certain percentage of the employee's basic salary and dearness allowance (DA) to the EPF account. The accumulated funds can be withdrawn at retirement or in case of certain specified events, such as purchasing a home or dealing with a medical emergency. When it comes to payroll, organizations deduct ESI and PF contributions from an employee's salary and contribute their share to these funds as well. The specific rules and rates for ESI and PF can vary, and it's important for both employers and employees to be aware of the regulations governing these deductions in their respective countries. #payroll #tcm #esi #wages #pf https://www.tcmservicemart.com https://services.tcmservicemart.com/latest-update/-you-cannot-change-/157 https://g.co/kgs/EWruJK