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India government has reduced the rate of the contribution for ESI

NEWDELHI:14/6/19:The government has reduced the rate of the contribution made by employees and employers under the Employees’ State Insurance (ESI) Act from 6.5 per cent to 4 per cent. In a release, the Ministry of Labour and Employment said, the government has taken a historic decision to reduce the rate of contribution under the ESI act. The new rate will be effective from the 1st of next month. It will benefit 3.6 crore employees and 12.85 lakh, employers.

The ministry said, the reduced rate of contribution will bring about a substantial relief to workers and it will facilitate further enrollment of workers under the ESI scheme and bring more and more workforce into the formal sector.

It said, similarly, reduction in the share of contribution of employers will reduce the financial liability of the establishments leading to improved viability of these establishments. It will also lead to enhanced Ease of Doing Business, the statement added.

The ESI Act provides for medical, cash, maternity, disability and dependent benefits to the Insured Persons under the Act. Benefits provided under the ESI Act are funded by the contributions made by the employers and the employees.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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