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Employee’s State Insurance rolls out Atal BimitVyakti Kalyan Yojna

  • Category
    Economy
  • Published
    20th Sep, 2018

The Employee’s State Insurance (ESI) has rolled out Atal BimitVyakti Kalyan Yojna for providing unemployment allowance to workers who are rendered jobless due to changing employment pattern.

Context

The Employee’s State Insurance (ESI) has rolled out Atal BimitVyakti Kalyan Yojna for providing unemployment allowance to workers who are rendered jobless due to changing employment pattern.

About

  • Its beneficiaries will be insured persons covered under Employees’ State Insurance Act, 1948 for period of two years
  • Beneficiary insured workers will be paid money, from their own contribution towards ESI scheme, in cash through bank account transfer.
  • This financial assistance will be given to insured persons even while they search for new engagement.
  • 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.

Significance

  • 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.
  • Rolled out scheme will financial support citizens partly and help them in times of need. This will make job seeking period for them less troublesome.
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