In the realm of payroll management, two crucial components stand out: the Universal Account Number (UAN) and the Employees' State Insurance (ESI). Here’s a concise overview:
Universal Account Number (UAN)
- Integration: Employers incorporate UAN into payroll systems for seamless EPF management.
- Payslip Display: UAN is typically shown in payslips, offering transparency on EPF contributions.
- Portability: Facilitates easy linking of multiple PF accounts, enhancing job switch portability.
Employees' State Insurance (ESI)
- Integration: ESI details are integrated into payroll for compliance and accurate management.
- Compliance: Employers register eligible employees under ESI, ensuring timely contributions.
- Employee Support: Payslip visibility or access to ESI benefits aids employee welfare during emergencies.
Incorporating UAN and ESI into payroll systems streamlines processes, enhances compliance, and supports employee welfare effectively.