Daily Current Affairs 21.09.2018: Atal Bimit Vyakti Kalyan Yojna

Atal Bimit Vyakti Kalyan Yojna

Overview: 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. 

Know the Atal Bimit Vyakti Kalyan Yojna:

• Goal: 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.

Salient features:

Assistance in Cash: Under the scheme, 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.

Know 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.