Government reduces ESI contribution rate to 4%

The government on Thursday 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, a move which would lead to an estimated annual saving of around Rs 5,000 crore for firms. 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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