Employment State Insurance Corporation (ESIC) is a statutory body under the Government of India, which was established as a social security organization for providing financial assistance in case of sickness, disability, and death to its employees.
The ESIC has been offering various kinds of benefits to its employees such as medical treatment, insurance coverage against accidents and diseases, pensions for old age and invalidity, etc. under various schemes like Life Insurance (LIFE), Health Insurance (HIS), Disability Pension (DP), Widow Allowance Scheme (WAS), etc., under the National Pension System (NPS).
In addition to this, ESIC also provides cash compensation for employees who have suffered from sickness or accidents during their employment with the company. This is called “Sickness Benefits”.
ESIC also provides cash payments for employees who are rendered permanently disabled by accidents at work or due to diseases contracted from occupational exposure.
The amount of compensation paid is decided by the Medical Board and the President/Chairman of the ESIC Board has the power to alter these amounts from time to time. ESIC has issued a notification to all employees regarding their future benefit scheme. The ESIC has announced that it will be introducing cash compensation for employees who are sick due to any reason. This is very good news for all those who have been suffering from any illness or ailment and have not been able to avail their benefits under the existing schemes of ESIC.
The ESIC has also informed that the new scheme will be introduced with effect from July 1, 2020, and can be availed by all those who are already working under the ESIC sickness benefit. The benefits offered under this scheme will be different from the existing schemes of ESIC. While there will be no change in the eligibility criteria laid down by ESIC, there will be a change in terms and conditions that apply during its implementation. The government has made it clear that it will not allow any kind of abuse or misuse of this scheme during its introduction phase.
Employment State Insurance Corporation is a leading company in the field of insurance. It has been serving its clients since the year 2000. The company has been providing various services to its clients such as health, home, travel, and car insurance, life insurance, and accident insurance, etc.
The company offers various types of health insurance such as medical reimbursement and hospitalization expenses, maternity benefits, dental benefits, etc. Employment State Insurance Corporation recently announced that it will be providing cash compensation for employees who suffer from sickness during their employment period. This announcement was made by the Chairman Mr. Rajiv Jain at the Annual General Meeting held on 21st March 2019 in Mumbai.
According to Mr. Rajiv Jain, “we want to make sure that we are doing our best to ensure that our employees are healthy throughout their employment period so that they can work more effectively and come up with better results for us”
He also added, “we hope that this will be an incentive for all of you who love your job and want to keep working hard for us”.
The company has more than 300 branches across India and also has an overseas division that operates in different countries like Malaysia, Thailand, Sri Lanka, Nepal, and Bangladesh. The company’s main objective is to provide its employees with cash compensation for their sickness during the period of illness. ESIC sickness benefit for Employees can be availed by an employee who falls ill due to any illness or injury from any cause whatsoever other than those mentioned under Section 80(A) of the Act which are accidents arising out of their employment or occupational diseases.
Employment State Insurance Corporation (ESIC) is an insurance company that provides cash benefits to employees who are sick or injured. ESIC was established in the year 1978 and has been serving society ever since. It is a part of the Ministry of Labor & Employment, Government of India. ESIC sickness benefit aims at providing cash benefits to its employees in case of any sickness or injury. The company also offers life insurance for its employees.
The company has about 53 thousand employees across the country and offers cash benefits worth Rs 1 crore per employee every year. The amount depends on their financial status and age group. In addition to this, there are different plans for different groups like retired workers, women, and disabled persons.