The Employee’s State Insurance (ESI) has approved a scheme named ‘Atal Bimit Vyakti Kalyan Yojna’ for Insured Persons (IP) covered under the Employees’ State Insurance Act, 1948.
The decision was taken by the ESI Corporation during its 175th meeting, which was held in New Delhi on September 18, 2018, under the Chairmanship of Santosh Kumar Gangwar, Union Minister of State for Labour & Employment (I/C).
During the meeting, the ESI Corporation took some significant decisions towards the improvement of its services and benefits being provided to Insured Persons and their dependents. The decisions were taken considering the change in employment pattern and the current scenario of employment in India which has transformed from a long-term employment to fixed short-term engagement in the form of contract and temping.
About Atal Bimit Vyakti Kalyan Yojna:
Aim: It aims to financially support those who lost their jobs or rendered jobless for whatsoever reasons due to changing employment pattern.
Its beneficiaries will be insured persons covered under the Employees’ State Insurance Act, 1948 for the period of two years continuously.
Under the scheme, relief will be payable in cash directly to the bank account of insured persons in case of unemployment. This financial assistance will be given to insured persons even while they search for new engagement. Beneficiary insured workers will be paid money, from their own contribution towards ESI scheme, in cash through bank account transfer.
Under this scheme, workers will be able to draw 47% of their total contributions towards ESIC after remaining unemployed for at least three months from the date of leaving their previous jobs. They can choose to receive the cash at one go or in installments. It will be applicable to all factories and establishments employing at least 10 workers.
ESI is a self-financing social security and health insurance scheme for Indian workers.
It is an autonomous corporation by statutory creation under Ministry of Labour and Employment, Government of India.
It is managed by Employees’ State Insurance Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948.