Joint Venture Agreement: Benefits, Types & Documents
On 27 Feb 2025A Joint Venture (JV) Agreement is a legally binding contract between two or more parties to collaborate on a business initiative while maintaining their separate legal identities.
An autonomous body created by the law under the Ministry of Labour and Employment, Government of India is known as Employee State Insurance Corporation. This scheme is started for Indian workers. The workers get a huge variety of medical, monetary and other benefits in accordance with the ESIC Schemes.
Any company/organisation with more than 10 employees (in some states there are 20 employees) with a maximum salary of Rs. 15000/-must register with the ESIC on a mandatory basis.
Under this arrangement, the contractor may commit a sum of 4.00 per cent of the total monthly salary payable to the employee, whereas the employer must contribute just 1.00 per cent of the monthly salary charged to the employee per month.
As per the government notification dated Sec 1(5) of the ESI Act the following entities are covered:
➲ Shops
➲ Restaurants or Hotels only engaged in sales.
➲ Cinemas
➲ Road Motor Transport Establishments;
➲ Newspaper establishments (which is not covered under the factory act)
➲ Private Educational Institutions
➲ Sickness benefits at the rate of 70% (in the form of salary), in case of any certified illness certified and which lasts for a maximum of 91 days in any year
➲ Medical Benefits to an employee and his family members
➲ Pregnant women get (paid leaves) as maternity benefits.
➲ If the death of the employee happens while on work – 90% of the salary is given to his dependents every month after the death of the employee
➲ Same as above in case of disability of the employee
➲ Funeral expenses
➲ Old age care medical expenses
➲ Certificate of Registration under one of the following:
➲ Factories Act
➲ Shops and Establishment Act
➲ Partnership Deed in case of a Partnership
➲ Certificate of incorporation in case of a company or LLP.
➲ Memorandum and Articles of Association of the Company
➲ An elaborate list of all the employees working in the Establishment
➲ Pan Card of the Business Entity as well as all its Employees.
➲ Details of remuneration all the employees
➲ A cancelled cheque of the current Bank Account of the Company
➲ List of the Directors of the Company as on the date of application
➲ List of the Shareholders of the Company as on the date of application
➲ Attendance Register of all the employees of the Company
Application is to be prepared in the prescribed format (Form No – 1) along with all the attachments with the ESIC Department online.
Form No -1 should be submitted online along with its attachments as prescribed by the Department
After scrutinising the form, the ESI authority will issue a 17 digit unique Registration number
The employees who are registered under this scheme shall provide the employer with the filled form and photographs of his own family members as a part of the process of registration and will get an ESI card after registration
Any change in the Company or its employees shall be mandatorily intimated to the ESIC
Every company/establishment registered under ESIC has to file half yearly returns and also annual returns. All the changes made to the employees during the year must be intimated to the department at the time of filing the ESIC annual return. After the registration ESI Returns have to be filed twice a year. The following documents are required for the filing of the returns:
1. Register of Attendance of the Employees
2. Form 6 – Register
3. Register of wages
4. Register of any accidents which have happened on the premises of the business
5. Monthly returns and challans
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