Employee's State Insurance rolls out Atal Bimit Vyakti Kalyan Yojna

The Employee’s State Insurance (ESI) has rolled out Atal Bimit Vyakti Kalyan Yojna for providing unemployment allowance to workers rendered jobless due to changing employment pattern. It was announced at 175th ESI Corporation meeting chaired by Union Labour Minister Santosh Gangwar in New Delhi.

Need

Atal Bimit Vyakti Kalyan Yojna was launched keeping in mind change in employment pattern. The current scenario of employment in India has been transformed from long employment to fixed short term engagement in the form of contract and temping. So, there was need to provide assistance to employees in case they get unemployed for sometime and search new job.

Atal Bimit Vyakti Kalyan Yojna

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 Employees’ State Insurance Act, 1948 for period of two years continuously.
Under it, relief will be payable in cash directly to 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 date of leaving their previous jobs. They can choose to receive the cash at one go or in instalments. It will be applicable to all factories and establishments employing at least 10 workers.

Employee’s State Insurance (ESI)

ESI is self-financing social security and health insurance scheme for Indian workers. It is 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.  It was founded in 1952 and is headquartered in New Delhi.

Month: Current Affairs - September, 2018