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PF & ESI CONSULATION

Provident fund is a term for pension fund. It provides employees with lumpsum payments at the time of exit from the organisation, so it differs from pension fund which have both elements of lumpsum as well as monthly pension payments. As far differences from gratuity funds are concerned, although both gratuity fund and provident fund involve lumpsum payments at employee exit from the organisation, the former is a defined contribution fund, while the latter is a defined benefit fund.

Specific provident funds include:

ESI:

Employees’ State Insurance (abbreviated as ESI) is a self-financing social security and health insurance scheme for Indian workers. This fund is managed by the Employees’ State Insurance Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948. ESIC is an autonomous corporation by a statutory creation under Ministry of Labour and Employment, Government of India