I wanted to know the applicability of PF AND ESIC
I am a NBFC having less than 20 employees but more than 10 employees
so what acts are applicable to me of the above?
If you are an NBFC (Non-Banking Financial Company) with less than 20 employees but more than 10 employees, both PF and ESIC acts will be applicable to you.
Under the PF act, both the employer and the employee contribute a certain percentage of the employee's basic salary, dearness allowance, and retaining allowance (if any) towards the employee's provident fund. The current rate of contribution is 12% for both the employer and the employee.
Under the ESIC act, the employer contributes a certain percentage of the employee's gross salary towards the employee's medical insurance cover provided by the ESIC. The current rate of contribution is 3.25% for the employer and 0.75% for the employee.
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