The full form of ESIC is Employees State Insurance Corporation. It is a state-run agency tasked with managing the ESI plan and was established following the 1948 Employee State Insurance Act. The group works to give social services to Indian labourers and their families who make less than Rs. 25000 per month.
An all-inclusive insurance service was developed to help employees in cases of illness, injury, accident, pregnancy, or death. The ESIC headquarters are in New Delhi. It has twenty-three regional offices, twenty-six sub-regional offices in the states, and more than 800 local offices around the nation to support the execution of the ESI plan.
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ESIC Organisation
- The Central Government chooses the Director-General of ESIC.
- A permanent committee comprised of ESIC members is given the corporation’s executive powers.
- A Medical Benefits Board also provides the ESIC with medical benefit-related advice.
- The ESI programme is supervised by the ESIC (Employee State Insurance).
- The ESI scheme’s services align with those of the International Labour Organization. The employers and employees contribute the funds required for this plan.
Advantages of ESI
ESI provides Indian workers with financial benefits during unemployment and healthcare coverage for any accident, impairment, illness, pregnancy, or workplace death. The ESI system’s advantages are discussed below.
- Physical Disability Benefits
- Medical Benefits
- Maternity Benefits
- Dependent Benefit
- Unemployment Allowance.
- Sickness Benefit