Employees’ State Insurance
Employee State Insurance Corporation (ESIC): Scheme has been formulated to provide security in the form of financial protection to an employee for any health-related issues. ESIC features include maternity benefits, medical benefits, disability benefits, and so on. The Employee State Insurance Scheme (ESI) is one of the largest social security schemes, globally under the aegis of Employee’s State Insurance Corporation, a division of the Ministry of Labour and Employment, Government of India. Besides protection against the medical expenses, the scheme provides and protects insured persons and his/her spouse for maternity benefits, hospitalization, surgery, unemployment benefits, disablement, injuries caused during the course of employment. Even in case of death of an insured employee, an amount up to Rs.15,000/- is paid to the kin of the deceased employee.
Atal Bimit Vyakti Kalyan Yojana – ESIC Scheme has come as an angel and helping its subscribers during this Pandemic situation like no other: Current pandemic is eating millions of jobs month after month, the ESIC under the Atal Bimit Vyakti Kalyan Yojana (ABVKY), welfare measure under the Section 2(9) of the ESI Act, provides the unemployment allowance, in form of cash compensation. As an exception compensation has been increased from 25% to 50% of monthly wage for three months (applicable from 24th March-31st December, 2020). This benefit can be claimed once in a lifetime.