It would be great if any one could explain about the details of the terms mentioned in the sheet.

Since it is taken care by the accountant...but I would love to learn more on this 'coz, all I know on this topic is ::

* Basic is 40% of the Gross.
* HRA is 30-40% of the basic... ( which would depend a lot on the location & varies from Co. to Co. )
* PF is a % which has to be paid by employer & employee both
* ESI ? CCA ? CON ?


Are there other important factors which need to be considered!?

Waiting for the experts' advice...


Diana

Hi Diana,

HRA can be max 50% of Basic
PF - 12% from Employee Side
PF - 13.61% from Employer side

ESI - applicable where salary is less than 10,000
ESI - 1.75% from Employee Side
ESI - 4.75% from Employer Side

And I think Con Stands for CONVEYANCE.

Ritesh

Hi Diana,

For more info you can log on to http://esic.nic.in/benefits.htm

Ritesh

Hi Diana,

I have mentioned few major benifits of ESI.

Benifits under ESI:

Medical Benefit:

The Scheme provides full range of medical care to Insured person and family, through a network of ESI Dispensaries & Panel clinics, diagnostic centres and ESI Hospitals etc. Super speciality facilities are provided to the beneficiaries through recognised advanced medical institutions empanelled for the purpose on referral basis. The Corporation has set up a revolving fund in most of the States to ensure smooth flow of funds for super-speciality treatment of ESI beneficiaries.

All Insured Persons and members of their family are entitled to free, full and comprehensive medical care under the Scheme. The package covers all aspects of health care from primary to super speciality facilities.

Sickness Benefit:

Sickness Benefit represents periodical cash payments made to an IP during the period of certified sickness occurring in a benefit period when IP requires medical treatment and attendance with abstention from work on medical grounds.

The maximum duration of Sickness Benefit is 91 days in two consecutive benefit periods. There is a waiting period of 2 days which is waived if the insured person is certified sick within 15 days of the spell for which sickness benefit was last paid. The sickness benefit rate is roughly equivalent to 50% of the average daily wages of the insured person.

Maternity Benefit:

Maternity benefit consists of periodical cash payments in case of confinement or miscarriage or sickness arising out of pregnancy, confinement, premature birth of child or miscarriage, to an insured woman as certified by a duly appointed medical officer or mid wife.

Disablement Benefit:

Disablement benefit is admissible for disablement caused by employment injury. At the first instance, temporary disablement benefit is payable as long as the temporary disability lasts. If the employment injury results in partial or total/permanent disability, permanent disablement benefit is payable till the death of the insured person.

No contributory conditions are prescribed for this benefit. While the rate of temporary disablement benefit is 70% or a little more of the wages and that of permanent disablement benefit is proportionate to the loss of earning capacity caused by the injury.

Dependant Benefit:

Dependants' benefit consists of periodical payments to dependants of an insured person who dies as a result of an employment injury sustained as an employee under the ESI Act.

There are no contributory conditions for qualifying to this benefit. Thus, if a person dies of employment injury even on the first day of his employment, his dependants are entitled to the benefit.

Funeral Expenses:

Funeral expenses are in the nature of a lump sum payment upto a maximum of Rs. 2500/- made to defray the expenditure on the funeral of deceased insured person. The amount is paid either to the eldest surviving member of the family or, in his absence, to the person who actually incurs the expenditure on the funeral.

Medical Benefit
To retired & disabled persons:

Insured Persons who cease to be in insurable employment on account of permanent physical disablement due to employment injury or those who leave the insurable employment on attaining the age of superannuation are eligible to receive medical benefit for themselves and their spouses. The benefit is provided on payment of contribution in lump sum for one year at the rate of Rs. 10 per month in advance.

Scale of medical benefit

Superannuated or disabled insured worker will be entitled to the same scale of Medical Benefit and to the same package of medical facilities that is admissible to an Insured Person and spouse.

Rehabilitation:

Vocational Rehabilitation

This Scheme has been designed to provide financial assistance to the insured persons who are referred to vocational rehabilitation centre for training. The vocational rehabilitation scheme framed under the provisions of section 19 of the ESI Act, 1948 has been made applicable for the present to those insured persons in whose case loss of earning capacity resulting from an employment injury has been assessed as not less than 40% as per percentages given in Schedule II to the Act for scheduled as well as non-scheduled injuries resulting from an employment injury i.e. accident arising out of and during the course of employment or from an occupational disease as defined in ESI Act.


Eligibility

Only those insured person who satisfy following conditions are entitled to avail benefits of the vocational rehabilitation scheme.

whose permanent loss of earning capacity has been determined as 40% or more

who is in receipt of permanent disablement benefit under the ESI Act, 1948

who is not in any gainful employment, and

who is not more than 45 years of age on the date of his application

Physical Rehabilitation allowance

Disabled insured persons who remain admitted in an artificial limb centre for fixation or repair or replacement of the artificial limb are entitled to rehabilitation allowance for each day on which they remain admitted at Artificial limb centre at double the standard sickness benefit rate. This is not subject to any contributory condition.


regards,
Zaman.

Hi Uma

Con - Conveyance and can be maximum of Rs. 9600/ per annum (ie) 800 per month

CCA - City Compensatory Allowance - It varies company to company as 105 of CTC or 20% of CTC

Rgds

Kartheka R