ESIC stands for Employees State Insurance Corporation. The ESIC card is a health card issued to insured persons, workers, and employees enrolled in the ESIC scheme. The ESIC Scheme provides financial security for any health-related issues, including maternity, medical, and disability benefits.
The ESIC Scheme is founded on the Employees State Insurance (ESI) Act of 1948, which was the first legislation passed by Parliament emphasising social security and betterment for all employees.
ESIC is a health card issued to employees enrolled in the ESIC scheme. It provides financial security for any health-related issues, including maternity, medical, and disability benefits. What's amazing is that it doesn't differentiate when it comes to providing financial assistance to an employee, even though the employee contribution percentage is fixed. It depends on his/her employment earnings. So, an ESIC account offers these social protections.
If you need to take medical leave, ESIC can help cover your expenses. You could get 70% of your average daily pay for up to 91 days per year. To qualify, you need to have worked for at least 78 days during the contribution period. And if you have a long-term or malignant disease, you may be eligible for an 80% enhanced rate of daily pay.
ESIC provides comprehensive medical benefits to employees and their families from day one of their insurable role. And for a nominal annual premium of ₹120, insured retirees and chronically disabled personnel, along with their spouses, can also avail themselves of ESIC insurance!
The ESIC Scheme also provides an Unemployment Allowance to insured individuals who have lost their job due to factors such as the company's closure, among other circumstances, as long as they have worked an insurable job for at least three years. Under this benefit, an insured employee with an ESIC account can receive medical assistance from ESI dispensaries or hospitals for up to two years, and they'll get an allowance equal to 50% of their pay. ESIC also covers travel expenses related to vocational training.
ESIC provides maternity benefits to insured employees. An insured can get 100% of their median salary for twenty-six weeks of maternity leave which can be extended by one month. They must have contributed for 70 days in the two contributions prior to this. Six weeks of benefits are offered for miscarriages and twelve weeks for adoptions.
If an employee becomes disabled due to an occupational risk, ESIC provides financial assistance for both short-term and permanent disability. They can receive 90% of their reimbursement, and the same amount is payable to their dependents in the event of the employee's demise. It's a great way to help employees and their families during difficult times.
An employee is eligible for the ESIC scheme if they meet the following requirements:
The ESIC scheme is a valuable program that provides financial security and comprehensive medical benefits to employees and their families in India. The scheme covers a range of benefits, including sickness, disability, unemployment, maternity, and more. The eligibility for the scheme is based on the employee's salary and the organisation's size. It is an important step towards promoting social welfare and ensuring a better quality of life for workers across India.
There are other kinds of benefits you can get if you’re in a corporate job too! For instance, consider a ₹20 lakh health insurance top-up and more.
Fi, in partnership with Federal Bank, offers a salary program with lots of perks. You get 2% cash back when you shop with Fi using UPI or Debit Card. Plus, you'll earn 4x Fi-Coins on every spend which can be redeemed for vouchers, cool merch, and more. And, you'll have access to exclusive deals and gift cards from top brands like Amazon and Swiggy. Other perks include no minimum balance, a free VISA Platinum debit card with zero forex charges, priority customer service, and more. And hey, you'll even get a ₹500 Amazon voucher as a joining bonus! Fi also comes packed with features to help you manage and grow your money, like Connected Accounts, Analyser, Goal-based saving, SIPs, and automatic payments. Plus, Salary users on Fi can now top-up their Health Insurance up to ₹20L.
The employer's contribution to the ESIC scheme is set at 3.25% of wages, while the employee's contribution is set at 0.75% of the wages. So, if you're enrolled in the ESIC scheme, your employer will pay 3.25% of your wages towards the scheme, and you'll pay 0.75%.
To qualify for the ESIC scheme, the employee or worker's monthly salary can't be more than ₹21,000 or ₹25,000 for those with disabilities. So, if you earn more than that, you won't be eligible for the scheme.
ESIC is a program in India that provides financial and medical support to employees and their families. It helps with things like sickness, disability, unemployment, maternity, and more. It's basically the country's social security system for workers.
ESIC is a program in India that provides financial and medical support to employees and their families. It's basically the country's social security system for workers, and it's administered by the Employees' State Insurance Corporation (ESIC).
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