There is good news for the candidates who want to get a job (Sarkari Naukri) in the Employees State Insurance Corporation (ESIC). If you have the qualifications related to these posts, then you can apply by visiting the official website of ESIC esic.gov.in. For this, ESIC has released recruitment for the posts of Professor, Associate Professor, Assistant Professor, Super Specialist, Senior Resident and Specialist Faculty in Adjunct Faculty. Only 2 days are left to apply for this recruitment of ESIC.

A total of 104 posts are going to be filled through this recruitment of ESIC. If you are also planning to get a job on these posts in ESIC, then you can apply on or before 24th September. Those who are interested in working on these posts, should first read these points carefully.

What is the age limit to get a job in ESIC

Anyone who is applying for Employees State Insurance Corporation Recruitment 2024, their age limit should be as given below.
Faculty – 69 years
Super Specialist Full / Part Time – 67 years
Senior Resident – 45 years

What is the eligibility to get a job in Employees State Insurance Corporation?

Candidates who are applying for this recruitment of Employees State Insurance Corporation must have the relevant qualification given in the official notification.

This is how you get a job in ESIC:

According to the official notification, the candidates applying for these posts will be selected on the basis of their performance in the walk-in interview. Candidates will have to bring the duly filled application form with them at the time of interview.

Salary is given on selection in ESIC.

Any candidate who is selected for these posts through this recruitment of ESIC will be paid Rs 67700 (Level 11) as salary.

Other Information

Candidates who are applying for this recruitment of ESIC must appear for the interview on the below given date and venue.
Date 24.09.2024
Mode of Interview Offline
Venue ESIC MCH, Desula, MIA, Alwar (Rajasthan) 301030

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The Employees Provident Fund Organization (EPFO) has decided to stop the deduction under the Group Insurance Scheme (GIS) for government employees joining the job after 1 September 2013 with immediate effect. EPFO ​​said in a circular on 21 June 2024 that it has been directed to immediately stop the deduction under GIS from the salary of all employees joining EPFO ​​after 1 September 2013.

Only such employees will be affected

Not all government employees will be affected by this decision. The impact of this circular is limited to those government employees who have joined service after September 1, 2013. If experts are to be believed, employees who joined EPFO ​​after September 1, 2013 will no longer be covered under GIS and any deductions already made from their salary will be refunded to them. The affected government employees will benefit as their salary will increase. Experts say that the net in-hand salary of government employees for whom GIS has been discontinued may increase.

The salary you get will increase

Stopping deductions under GIS will actually increase take-home pay. Earlier, deductions were made from the monthly salary of the employees as per their salary to fund GIS. This scheme is currently applicable only to employees who joined after 1 September 2013. This will increase the net-in-hand salary of such employees.

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The employer’s contribution is also the same. Out of this, 8.33% goes to the employee’s pension fund (EPS Fund) and the remaining 3.67% goes to the PF account. After the age of 58, the employee gets the amount deposited in the PF account in lump sum, but the amount of his PF is decided under a formula based on his contribution. Let us tell you what is that formula and how much pension will you get after retirement? Learn its calculation here.

This is the pension formula

The formula for how much pension you will get after retirement is – Monthly salary of the employee = Pensionable salary X Pensionable service /70. According to the existing rules, 8.33% of the salary of any employee is deposited in his pension account. However, the maximum limit of pensionable salary is 15 thousand rupees. In this case, if a person’s salary is Rs 15000, then 15000 X 8.33 / 100 = Rs 1250 will go to his pension account every month.

Now if the calculation is done according to the pension formula, then if someone’s monthly salary (average salary of the last 60 months) is Rs 15 thousand and the duration of the job is 20 years, then 15000X 20/70 = Rs 4286 will be the monthly pension.

On the other hand, if the duration of the person’s job is 25 years, then 15000 X 25/70 = Rs 5357 and if the duration is 30 years, according to this formula, his monthly salary will be Rs 6428. If the limit of 15 thousand is removed and your salary is 30 thousand, then the pension you will get according to the formula will be this. (30,000 X 30)/70 = 12,857

These are the essential conditions for pension

• Must be an EPF member.
• It is necessary to stay in regular job for at least 10 years.
• Pension is available at the age of 58 years. Option to take pension after 50 years and even before the age of 58.
• On taking the first pension, the reduced pension will be given. For this Form 10D has to be filled.
• On the death of the employee, the family gets pension
• If the service history is less than 10 years then they will get the option to withdraw the pension amount at the age of 58 years.

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This will completely change the take home salary, PF and gratuity. In this code, the salary coming in the hands of the private employer can be reduced. However, the government is making better arrangements regarding old age. According to experts, the monthly in-hand salary will undoubtedly decrease, but due to the increase in basic, more money will be deposited in the retirement fund. This will create a huge fund for retirement. Apart from this, there will also be benefit in Gratuity.

Understand the calculation here

If the age of an employee is 30 years and his monthly salary is 50 thousand rupees and basic salary will be 15 thousand rupees. So if the average appraisal is taken in 5% salary every year till the age of retirement i.e. 60, then according to the current interest rate of 8.1%, the total amount in the PF account from regular investment will be Rs 65,36,758.

Now the basic salary of an employee will be 25 thousand rupees per month. Then the amount of PF on retirement will be Rs 1,08,94,586. Here the annual increment of 5 percent has been taken, due to which the PF fund will increase further.

What is Cost to Company 

New Wage code benefits: CTC is the expenditure incurred by a company on its employee. This is the complete salary package of the employee. CTC includes Monthly Basic Pay, Allowances, Reimbursement. At the same time, products like gratuity, annual variable pay, annual bonus are included on an annual basis. The amount of CTC is never equal to the employee’s take home salary. CTC has many components so it is different. CTC = Gross Salary + PF + Gratuity

What is the basic salary?

Basic salary is the base income of an employee. It is fixed based on the level of all the employees. It varies according to the rank of the employee and the industry in which he is working.

What is Gross Salary?

The salary which is made by adding basic pay and allowances without deducting tax is called gross salary. This includes bonus, overtime pay, holiday pay and other itemized allowances.
Gross Salary = Basic Salary + HRA + Other Allowances

What is net salary?

Net salary is also called take home salary. The salary that is made after deducting tax is called net income.
Net Salary = Basic Salary + HRA + Allowances – Income Tax – EPF – Professional Tax

What allowances will be included?

The company gives allowances to the employee in lieu of the job. This may vary from company to company.

> HRA : House Rent Allowance is given to the employee in lieu of the house on rent.

> LTA : LTA is the cost of domestic travel to the employee. This does not include food, hotel fare.

> Conveyance Allowance: Conveyance allowance is given to the employee in lieu of the expenses incurred in going home from office.

> Dearness Allowance: DA is a living allowance. It is given in lieu of inflation. Its eligible are government employees and pensioners.

> Other allowances include special allowance, medical allowance and incentive or incentive.

How much will be the reimbursement

According to experts, in many companies, there is a provision to reimburse the employee for treatment, phone expenses, newspaper bills. This amount is available separately from the salary. But only after paying the bill. Under the Income Tax Act, every reimbursement is tax exempt up to a limit.

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There Finance Minister K. N. Balagopal said that government employees who are not entitled to the bonus will get Rs 2,750 as special festival allowance. According to the statement, more than 13 lakh employees and laborers working in the government sector will get the benefit of this scheme of the government. Under the Contributory Pension Scheme, a special festival allowance of Rs 1,000 will be given to service pensioners and employees.

According to the minister, all government employees in the state would be entitled to an advance of Rs 20,000 before their monthly salary. Apart from this, part time and casual employees will get an advance amount of Rs 6,000 from their salary.

Actually, Onam Bonus has been a custom in the state for years. In such a situation, this time it included Rs 4,000 for all government employees and Rs 2,750 for those who were not eligible for bonus. To meet these Onam commitments, the state government, which is facing shortage of money, will have to spend an additional Rs 1,000 crore.

Meanwhile, the general norm in the private sector in the state is that all employees are eligible to get one month’s salary as Onam bonus. Unlike the last two years when the festival was less celebrated due to the pandemic, this year the state is all set to return to the pre-Covid times and celebrate the harvest festival in a grand manner.

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