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With reference to the Employees State Insurance (ESI) Scheme, consider the following statements:
- It is administered by a statutory body called the Employees' State Insurance Corporation (ESIC).
- It applies only to factories and establishments employing 50 or more persons.
- It is a self-financing scheme where the employees and the employers make regular monthly contributions.
How many of the above statements are correct?
- a)Only 2
- b)Only 1
- c)1, 2 and 3
- d)None
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Employees State Insurance (ESI) Scheme, consider...
Statement 1: This statement is correct. The ESI scheme is administered by a statutory body called the Employees' State Insurance Corporation (ESIC). Statement 2: This statement is incorrect. As per the ESI Act, the scheme applies to factories and establishments employing 10 or more persons.
Statement 3: This statement is correct. The ESI scheme is a self-financing scheme where the employees and the employers make regular monthly contributions. The contributions are made at a certain fixed percentage of the wages paid to the employee. The state government also contributes a certain share to the ESI fund.
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With reference to the Employees State Insurance (ESI) Scheme, consider...
1. Statement 1: It is administered by a statutory body called the Employees State Insurance Corporation (ESIC).
This statement is correct. The Employees State Insurance (ESI) Scheme is administered by a statutory body called the Employees State Insurance Corporation (ESIC). The ESIC is a central government organization that was established under the Employees' State Insurance Act, 1948. Its primary objective is to provide social security and health insurance to workers and their dependents.
2. Statement 2: It applies only to factories and establishments employing 50 or more persons.
This statement is incorrect. The ESI Scheme does not apply only to factories and establishments employing 50 or more persons. In fact, it applies to a wider range of establishments. The ESI Act applies to all establishments employing 10 or more persons, irrespective of whether they are factories or other types of establishments. However, in certain specified areas, the threshold limit for coverage may be lower, such as 5 or even 1 employee.
3. Statement 3: It is a self-financing scheme where the employees and the employers make regular monthly contributions.
This statement is correct. The ESI Scheme is a self-financing scheme, wherein both the employees and the employers make regular monthly contributions. The contribution rates are fixed and shared between the employer and the employee. Currently, the employee's contribution rate is 0.75% of their wages, while the employer's contribution rate is 3.25% of the wages. The contributions are made on a monthly basis and are deducted from the employee's wages.
Conclusion:
Out of the three given statements, only statement 1 and statement 3 are correct. Statement 2 is incorrect as the ESI Scheme applies to all establishments employing 10 or more persons, not just factories and establishments employing 50 or more persons. Therefore, the correct answer is option 'B' - Only 2.
This statement is correct. The Employees State Insurance (ESI) Scheme is administered by a statutory body called the Employees State Insurance Corporation (ESIC). The ESIC is a central government organization that was established under the Employees' State Insurance Act, 1948. Its primary objective is to provide social security and health insurance to workers and their dependents.
2. Statement 2: It applies only to factories and establishments employing 50 or more persons.
This statement is incorrect. The ESI Scheme does not apply only to factories and establishments employing 50 or more persons. In fact, it applies to a wider range of establishments. The ESI Act applies to all establishments employing 10 or more persons, irrespective of whether they are factories or other types of establishments. However, in certain specified areas, the threshold limit for coverage may be lower, such as 5 or even 1 employee.
3. Statement 3: It is a self-financing scheme where the employees and the employers make regular monthly contributions.
This statement is correct. The ESI Scheme is a self-financing scheme, wherein both the employees and the employers make regular monthly contributions. The contribution rates are fixed and shared between the employer and the employee. Currently, the employee's contribution rate is 0.75% of their wages, while the employer's contribution rate is 3.25% of the wages. The contributions are made on a monthly basis and are deducted from the employee's wages.
Conclusion:
Out of the three given statements, only statement 1 and statement 3 are correct. Statement 2 is incorrect as the ESI Scheme applies to all establishments employing 10 or more persons, not just factories and establishments employing 50 or more persons. Therefore, the correct answer is option 'B' - Only 2.
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With reference to the Employees State Insurance (ESI) Scheme, consider the following statements: It is administered by a statutory body called the Employees State Insurance Corporation (ESIC). It applies only to factories and establishments employing 50 or more persons. It is a self-financing scheme where the employees and the employers make regular monthly contributions.How many of the above statements are correct?a)Only 2b)Only 1c)1, 2 and 3d)NoneCorrect answer is option 'B'. Can you explain this answer?
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