NASSCOM Policy Update: COVID-19: Easing labour compliances – ESIC
Blog: NASSCOM Official Blog
Dear All,
In the wake of pandemic Covid-19 situation, the Employee State Insurance Corporation (ESIC) vide notification (No. P`-11/14/Misc./1/2019-Rev) dated 16.03.2020, has extended the deadline for making the statutory contribution for the month of February 2020 and March 2020, by another 30 days. As per the notification, the deadline for submitting ESIC contribution is now April 15, 2020 and May 15, 2020, for the month of February 2020 and March 2020 respectively. A copy of the notification is enclosed.
Overall, companies having online banking facilities should not be significantly impacted due to implementation of WFH, to enable statutory payments. Some operational issues may arise if banking services are curtailed due to WFH. The working capital impact, even in the short term, may be serious due to cash flow related challenges for companies, especially, for smaller companies and very early stage start-ups and certain other types of companies.
We are monitoring this and are in touch with the EPFO. We are also considering if there can be challenges in GST compliance. Will keep you posted.
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