What is the full form of ESI?
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What is the full form of ESI?
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The full form of ESI is Employees' State Insurance. It is a health insurance scheme benefit to Indian workers. the scheme offers medical benefits, disability benefits, maternity benefits, unemployment allowance, etc.
It was founded on 24th February 1952. ESI is handled by the Employees' State Insurance Corporation (ESIC).
It is an autonomous corporation under the Ministry of Labor and Employment, Government of India.
Objective of ESI 1948
The main objective of the ESI act is to provide economic security to people who work in factories.
It provides secure sickness, maternity, and medical benefit to employees of the factories, and dependent benefit to dependents of employees.
New Amendment of ESI
With the effect of 1 January, 2017 ESIC increase the monthly wage limit to Rs.21000 from the existing Rs. 15000.
Benefits of ESI
There are a number of benefits that are offered by the Employee State Insurance Corporation:
Medical Benefits
ESIC Provide Medical facility to employees, it covers all the medical expenses of employees from day one of the individual's employment.
Dependent's Benefits
In case the employee meets with death due to an accident at the place of work, ESIC will provide a monthly payment to the dependent.
Disability Benefits
ESIC provides monthly wages to an employee in case of temporary disablement or for the remainder of the employee's life in case of permanent disablement.
Maternity Benefits
ESIC provides monthly wages to employees till 26 weeks of maternity. 6 weeks in case of miscarriage and 12 weeks of pay in case of adoption.
Sickness Benefits
ESIC pays 70% of the average daily wages of an employee during medical leave. maximum of 91 days.
Unemployment allowance
ESI covers if the insured lost their job due to some injury or involuntary loss of employment.
Other Benefits
Funeral Expenses
Physical Rehabilitation
Vocational Training
Skill Upgradation Training under Rajiv Gandhi Shramik Kalyan Yojana (RGSKY)
