A factory of 30 persons has monthly wage bill of Rs 30000. According to ESI act they will pay for insurance every month ?
1425 Rs
525 Rs
2000 Rs
5000 Rs
Ans. is 'a' i.e., 1425 Rs Finance of ESI scheme The scheme is run by contribution by employees and employers and grants from central and state governments? Employers contribution - 4.75% of total wages bills Employee contribution - 1.75% of total wages bills The state government's share of expenditure on medical care is '/8 of total cost of medical care. Factory will give 4.75% of 30000 (1425 Rs).