Relief after job loss: Who will fund the Atal Bimit Vyakti Kalyan Yojana?

Those who had subscribed to the ESIC for two years continuously will be allowed to avail of the unemployment benefit to the tune of 47 per cent of their total contribution

The Ministry of Labour and Employment on Wednesday announced a scheme to financially support those who lost their jobs and were covered under the Employees' State Insurance Act, 1948. Somesh Jha explains the key features.

What are the key features of the Atal Bimit Vyakti Kalyan Yojana (ABVKY)?
 
The ABVKY is a scheme approved by the Employees’ State Insurance Corporation (ESIC) that aims to benefit its subscribers, who are mainly formal sector workers who have become unemployed for whatever reason, by providing cash through bank account transfer. At present, the government of India does not provide any unemployment allowance.