An Employment Provident Fund (i.e. EPF) is a retirement perk that is usable by every salaried employee. This reserve is managed and controlled by the EPFO (i.e. the Employees Provident Fund Organisation of India). Any organization engaging20 employees or more are required to register under the EPFO as per our constitutional framework. Contribution to the PF account is necessary for each employee receiving a basic salary up to INR 6500. It is just a savings medium that allows employees to set aside a fraction of their resources each month.
ESI stands for Employee State Insurance administered by the Employee State Insurance Corporation which is an independent body created by the law below the Ministry of Labour and Employment, Government of India. This scheme is begun by Indian workers. The workers are presented with a huge variety of medical, monetary, and other advantages from the employer. Any Company owning more than 10 employees have a maximum salary of Rs. 15000/- has to mandatorily register itself with the ESIC.