What is the full form of ESIC ?whatproportion of
PF,ESIC,EDLi,TDS,BONUS,GRATUITY etc are been decucted from
salary?
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Answer Posted / ankit
full form of ESIC is Employee State Insurance Corporation.
percentage of conatribution is as below:-
(a) PF - 12% of Basic +DA+VDA from employee and 13.61% from
employer i.e. 8.88% in a/c No 10, 3.67% in a/c No 1, 1.1%
in a/c No 2, .5% in a/c No 21 and 0.01% in a/c No 22
(b) 1.75% of Gross salary from employer and 4.75% from
employees.
(c) EDLI - 0.5% as deducted with EPF as a/c No 21
deducation.
(d) Minimum 8.33% or Maximum 20%
(e)Gratuity is applicabale after 5 year service and
calculate the same as per formula,
Gratuity - Present salary(Basic +DA+VDA)*15*No of year
served/26
| Is This Answer Correct ? | 42 Yes | 19 No |
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