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ESI contribution rate reduced to 4% – industry saves Rs.5k Cr annually

The Government on 13.6.2019 announced  a cut in contributions made by employers and employees toward the health insurance scheme of Employees’ State Insurance Corporation (ESIC) to 4 per cent from the existing 6.5 per cent i.e. employers’ contribution being reduced from 4.75 per cent to 3.25 per cent and employees’ contribution being reduced from 1.75 per cent to 0.75 per cent.

The reduced rates will be effective from July 1, 2019, the Labour Ministry said in a release. This would benefit 3.6 crore employees and 12.85 lakh employers.

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