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Enhancement Of The Limit For Non-Claiming Of Interest For Delayed Payments

By - King Stubb & Kasiva on November 24, 2023

The ESI Corporation has notified all relevant field offices that the limit for non-claiming interest for delayed payment of contributions has been revised. It explains that previously, no interest was claimed if the interest amount for a contribution period was Rs. 100 or less, as per a memorandum from 2003. However, in consideration of the wage ceiling increases over the years, administrative convenience, and the costs associated with interest claims and recovery, it has been decided that interest payable for delayed contribution payment, not exceeding Rs. 300 for any contribution period as a whole, will not be claimed. This directive will be effective from November 1, 2023, and does not apply to cases that have already been settled.

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