1. EWF Funds:
Contribution of Funds: A fixed percentage is contributed by the employer based on the employee’s contribution. A small amount will be designated for each employee of the organization by the Board for each financial year, which will be deducted from their monthly salary. Additionally, voluntary donations are also acceptable for this fund. This is a collective fund contributed by both the employer and employees, along with any voluntary donations.

Overall Objective of Funds: This collective support is allocated towards initiatives such as healthcare programs, skill development workshops, mental wellness resources, improving quality of life, instilling ethical and moral values, and providing facilities for recreation and leisure. By focusing on employee welfare, the Lakhimi Employee Welfare Fund fosters a positive work environment, which can lead to increased productivity, improved performance levels, and greater loyalty to the organization. This approach ensures that employees feel valued, supported, and satisfied with the organizational policies.

The Lakhimi Employee Welfare Fund shall be allotted for the following purposes:

(a) Financial Assistance: Providing financial assistance to the families of employees who have passed away or become permanently disabled.

(b) Cost-Free Loans: Offering interest-free loans to employees for healthcare, home renovations, education, and religious programs.

(c) Advances: Providing short-term advances for personal emergencies of individual employees.

(d) Family Functions: Collectively organizing cultural and religious functions for family entertainment time to time.

(e) Educational Support: Supporting educational expenses for the children of employees.

(f) Official Dress Code: Providing high-quality, standardized office uniforms for all employees from time to time.

(g) Office Transport: Offering official transport services for employees, ensuring safe and timely commutes.

(h) Holiday Home: Arranging special tours on various occasions for employees.

(i) Vocational Training: Providing training in behavior, discipline, soft skills, moral integrity, trust building, and motivation.

(j) Physical Fitness: Promoting physical exercise and arranging yoga classes periodically.

Employee Welfare Funds play a strong role in creating a supportive work environment that prioritizes employee well-being. By investing in the welfare of their workforce, organizations can cultivate a culture of trust and respect, ultimately benefiting both the employees and the organization as a whole.

2. EPF Benefits :
According to government laws, each employee is entitled to receive EPF (Employees’ Provident Fund) and ESIC (Employees’ State Insurance Corporation) facilities under the provisions of the Employment Act, as well as the rules of the state and relevant organisation.

The Employees’ Provident Fund (EPF) is a significant retirement savings scheme in India, designed to provide financial security to employees after retirement. Here are key benefits of the EPF for employees:

(a) Retirement Corpus: The EPF scheme helps employees build a substantial retirement corpus, ensuring they have savings for post-retirement life.

(b) Dual Contribution: Both the employer and employee contribute to the EPF. Currently, the employee contributes 12% of their basic salary, and the employer matches this amount, effectively doubling the investment.

(c) Interest Earnings: The EPF balance earns interest at a rate determined annually by the government (which has historically been higher than many traditional savings schemes). This interest is compounded annually, contributing to significant growth over time.

(d) Tax Benefits: Contributions to the EPF qualify for tax deductions under Section 80C of the Income Tax Act, up to a limit of ₹1.5 lakh per year. Additionally, the interest earned and the maturity amount is tax free, providing further financial advantages.

(e) Withdrawal Options: Employees can withdraw their EPF balance upon retirement, job change, or in some cases, for specific needs such as education, marriage, or medical emergencies, subject to conditions.

(f) Loan Facility: Employees can take a loan against their EPF balance for specific purposes, such as purchasing a home or funding education, making it a versatile financial resource.

(g) Pension Scheme: EPF contribution is linked to the Employees’ Pension Scheme (EPS), wherein a portion of the employer’s contribution goes into the pension fund, providing employees with a monthly pension after retirement, based on their average salary and years of service.

(h) Portability: Employees can transfer their EPF account from one employer to another when switching jobs, ensuring continuity in their retirement savings without losing benefits.

(i) Financial Security for Beneficiaries: In the event of an employee’s death, the EPF amount can be claimed by the nominee, ensuring financial security for their dependents.

(j) Contribution Transparency: The EPF system is managed by the Employees’ Provident Fund Organisation (EPFO), providing transparency and reliability in the management of funds.

The EPF scheme not only offers financial security during retirement but also provides various benefits during an employee’s working life. By promoting saving habits among employees, EPF plays a crucial role in ensuring long-term financial stability and well-being.

3. ESIC Benefits:
The Employees’ State Insurance Corporation (ESIC) scheme in India provides social security and health insurance benefits to employees in the organized sector. Here are the key benefits of the ESIC scheme for employees:

(a) Medical Benefits

(i) Comprehensive Medical Care: ESIC provides extensive medical coverage, including hospitalization, outpatient treatment, and access to specialized medical services.

(ii) Family Coverage: The ESIC scheme extends medical benefits not only to the insured employee but also to their dependents, including spouse, children, and parents.

(iii) Sickness Benefit: Employees are entitled to receive cash benefits for up to 91 days in a year for medical leave due to sickness. This benefit is equivalent to 70% of their daily wages, offering financial support during times of illness.

(iv) Maternity Benefits: ESIC provides maternity benefits to female employees, which include financial assistance for up to 26 weeks of maternity leave. This ensures that women can take care of their health and that of their baby during and after childbirth.

(v) Disability Benefits: Employees who suffer from a permanent disability due to an accident are eligible for cash benefits. Depending on the severity of the disability, the employee can receive a monthly pension for life or a lump sum amount.

(vi) Dependent Benefits: In the unfortunate event of the employee’s death, ESIC offers benefits to the dependents, ensuring financial protection and support for the family. This includes a monthly pension to the family members.

(vii) Funeral Expenses: ESIC provides a one-time benefit for funeral expenses up to a specified limit, easing the financial burden on the family after the death of an insured employee.

(viii) Rehabilitation Assistance: For employees who have suffered work-related injuries, ESIC may assist with rehabilitation services to help them return to work, promoting recovery and reintegration into the workforce.

(ix) E-Prescriptions and Telemedicine: ESIC has enhanced its medical services by introducing e-prescriptions and telemedicine services, allowing employees to consult healthcare providers remotely, which is especially useful in maintaining health during emergencies.

(x) Health Awareness Programs: The ESIC promotes health awareness programs and preventive healthcare services, educating employees about wellness and health management.

(xi) Contributions Towards Pension Scheme: A portion of the ESIC contributions goes towards the Employees’ Pension Scheme (EPS), ensuring employees have a financial safety net for their future.

The ESIC scheme plays a crucial role in providing a safety net for employees in the organized sector, protecting their health and financial stability against unforeseen circumstances. By offering comprehensive medical and cash benefits, ESIC enhances the quality of life for employees and their families, fostering a healthier workforce.