Insurance is one of the most important things today to have when there is every time the insecurity of life. Everyone should have at least one insurance plan with him so that in case of an uncertain and unfortunate incident of loss of life, his or her family and children should not suffer. People employed in various jobs must ensure them with an insurance plan. employers national insurance
Previously some decades ago, there was many reporting that people died due to uncertain incidents or accidents and after them, the family member of that person was forced to live in pathetic condition. Government get a note of the problem and urged every employee to get them insured with at least one insurance plan. But at that time people were not familiar with the importance of the insurance and take it as a wastage or blockage of their money.
Then the government decided to issue a plan so that it could make insurance necessary for every person employed and formed ESIC or Employee’s State Insurance Corporation. The major function of the corporation was to ensure employees of every institution such as the State Government, Central Government, and Private sector. A slab was decided and employees falling under that slab were completed to have insurance.
Under ESIC, the insurance was automatically processed and the premium amount was deducted from the salary of the employee with a monthly salary of below Rs. 15000. This amount was deposited and refunded in with 200% in case of retirement or death of the employee. This step of Government resulted that today each and every employee in India is insured.
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You pay National Insurance contributions if you earn more than £155 a week. You pay is 12% of your earnings in 2016-17
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