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ESIC approves unemployment benefit scheme for formal sector workers

Workers who are left unemployed for whatsoever reasons will be paid money, from their own contribution towards the ESI scheme, in cash through bank account transfer

PE Funds
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The Employees’ State Insurance Corporation (ESIC) has approved a scheme for providing unemployment allowance to workers rendered jobless due to the “changing employment pattern”, acknowledging the fact that permanent jobs are on a decline in the country. The scheme, named Atal Bimit Vyakti Kalyan Yojana, will be applicable for employees covered under the Employees’ State Insurance (ESI) Act, 1948, the labour and employment ministry said in a press statement on Wednesday. It will benefit over 1 million workers across the country, a senior ESIC official ...