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what is the full form of esi in payroll what is calculation
in payroll
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Answer Posted / shankar
Employees’ State Insurance Act, 1948 envisaged an
integrated need based social insurance scheme that would
protect the interest of workers in contingencies such as
sickness, maternity, temporary or permanent physical
disablement, death due to employment injury resulting in
loss of wages or earning capacity. the Act also guarantees
reasonably good medical care to workers and their immediate
dependants.
The Employees’ State Insurance Scheme is administered by a
Corporate body called the Employees’ State Insurance
Corporation (ESIC), which has members representing
employers, employees, the Central Government, State
Governments, medical profession and the Parliament.
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selling price = shs. 200, variable overhead-selling per unit= shs 80, variable production cost per unit = shs 60, fixed selling cost = 2,840,000. the production capacity of the project is 200,000 units. required P/V ratio, BEP and margin of safety
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