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.