ESIC: Are you feeling anxious about unexpectedly losing your job and struggling to keep up with your household expenses? If you are an employee under the ESIC, the government’s “Atal Bimit Vyakti Kalyan Yojana” might be just what you need. The central government has now extended the deadline for this scheme to June 30, 2027. This initiative offers direct cash support for 90 days after you become unemployed.
This government scheme is here to assist you
When you suddenly find yourself without a job, the foremost concern is often how to cover your rent… You may start to worry about everything from gas and water to electricity bills. However, if you are an employee covered by ESIC (Employees’ State Insurance Corporation), there is some good news for you. The Central Government has extended the Atal Bimit Vyakti Kalyan Yojana (ABVKY) until June 30, 2027. This scheme provides financial support to eligible employees during periods of unemployment, making it easier to handle essential expenses while searching for a new job.
How you can benefit from this scheme and what the eligibility criteria are
The government has extended the scheme’s duration by an additional year. Originally set to expire on June 30, 2026, it is now valid until June 30, 2027. The best part is that you don’t have to depend on your employer to access this assistance. Eligible employees can apply directly at an ESIC branch to take advantage of this scheme.
ESIC offers health and social security benefits to workers, including financial aid and other support for medical treatment, illness, maternity, disability, and unemployment.
What are the benefits of ABVKY scheme?
The Atal Insured Persons Welfare Scheme is specifically for employees who have lost their jobs due to any reason. The key benefits under this scheme are as follows…
During unemployment, cash compensation of 50% of the average daily wage is given.
This financial assistance is given for a maximum period of 90 days.
After the application is approved, the entire amount is sent directly to the bank account.
The benefit of this scheme can be availed only once in the entire life.
Who can avail the benefits of this scheme?
To avail the benefits of this scheme, some important conditions have to be fulfilled.
The employee must be registered with ESIC.
Must have worked in insured employment for at least two years.
ESI contribution should be deposited till the prescribed period.
The job should not have been lost voluntarily, but due to reasons like closure of the company or permanent disability.
Who will not get the benefit of this scheme?
Not every employee can take advantage of this plan. This facility will not be available in the following cases…
If fired due to misconduct.
The employee has resigned on his own.
Have taken voluntary retirement (VRS).
You may have lost your job due to participating in an illegal strike.
If you suddenly lose your job and are an employee insured under the ESIC, the Atal Insured Persons Welfare Scheme can provide financial support during difficult times. Therefore, if you meet the eligibility criteria, you can apply at an ESIC branch and avail of this scheme.