Dear All, Please find the current regulatory updates June 2019 Part II to stay current on the latest news and regulations impacting the world of compliance.
The most awaited Notification pertinent to reduction of ESIC contribution is attached herewith , and interpretation is as under-
The government has reduced the contribution under the Employees’ State Insurance (ESI) Act to 4% from 6.5%, a move expected to increase the take home salary of workers as well as reduce the financial burden of employers.
This includes a reduction of 1.5% in employers’ contribution to 3.25% from 4.75%
and 1% reduction in employees’ contribution to 0.75% from 1.75%
Date of Applicability is from 1st July 2019.
From India, Pune
9The most awaited Notification pertinent to reduction of ESIC contribution is attached herewith , and interpretation is as under-
The government has reduced the contribution under the Employees’ State Insurance (ESI) Act to 4% from 6.5%, a move expected to increase the take home salary of workers as well as reduce the financial burden of employers.
This includes a reduction of 1.5% in employers’ contribution to 3.25% from 4.75%
and 1% reduction in employees’ contribution to 0.75% from 1.75%
Date of Applicability is from 1st July 2019.
From India, Pune
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Official gazatte notification for revision of ESIC contribution reduction July 2019 (1).pdf