Atal Bimit Vyakti Kalyan Yojana (ABVKY): The coronavirus pandemic has been tough for many people across the country as economies around the world have been hit badly. Besides, many people have also lost their jobs, while others faced salary cuts. During this tough phase, a scheme launched by Employees' State Insurance Corporation (ESIC) can help those have are feeling the heat during this pandemic.
The Employees' State Insurance Corporation had launched a scheme called Atal Bimit Vyakti Kalyan Yojana (ABVKY) in which the Insured Person (IP) is rendered unemployed, and is provided relief to the extent of 25 per cent of the average per day earning during the previous four contribution periods (total earning during the four contribution period/730).
The amount is paid up to maximum 90 days of unemployment once in the lifetime of the IP on submission of claim in form of an affidavit. The relief will be paid directly to the bank accounts of workers.
The ESI Corporation scheme was introduced on July 1, 2018. For the first two years, it was employed on a pilot basis. The ESIC then decided to extend the ABKY for another year, starting from July 1, 2020 to June 30, 2020.
Apart from this, those who had lost his/her jobs due to the prevailing coronavirus pandemic will get a relief of 50 per cent against 25 per cent given to others. It was decided to enhance the rate of unemployment relief under the scheme to 50 per cent of wages from earlier rate of 25 per cent along with the relaxation of eligibility conditions for insured workers who have lost their employment due to coronavirus related lockdown.
The claim can now be submitted directly to the designated ESIC Branch Office. The enhanced benefit and relaxed conditions are applicable during the period of March 24, 2020 to December 31, 2020.