ESIC- Employees’ State Insurance Corporation.

Employees’ State Insurance Corporation (ESIC) is a self-financing social security and health insurance scheme for Indian workers. The fund is managed by the Employees’ State Insurance Corporation according to rules and regulations stipulated in the ESI Act 1948. ESIC is a Statutory Body and the Administrative Ministry is the Ministry of Labour and Employment, Government of India.

For all employees earning ₹21,000 (US$290) or less per month as wages, the employer contributes 3.25% and the employee contributes 0.75%, the total share 4%. This fund is managed by the Employees’ State Insurance Corporation according to rules and regulations stipulated there in the ESIC Act 1948, which oversees the provision of medical and cash benefits to employees and their families. Employees’ State Insurance Corporation scheme is a type of social security scheme for employees in the organized sector.