What is the full form of ESIC?
The full form of ESIC is the Employees State Insurance Corporation. It is a state-run organization set up under the 1948 Employee State Insurance Act and is responsible for overseeing the ESI plan. The organization aims to provide social services to the Indian workers (labourers), including members of their families, who receive below Rs. 25000.
An all-inclusive insurance service was introduced to assist employees in emergencies such as illness, injury, accident, pregnancy, or death. ESIC head office is located in New Delhi. To support the implementation of the ESI plan, it has twenty-three regional offices, twenty-six sub-regional offices in the states and more than 800 local offices throughout the country.
- The Central Government appoints ESIC Director-General.
- The corporation’s executive powers are conferred on a standing committee composed of ESIC members.
- There is also a Medical Benefits Board, which advises the ESIC on medical benefit matters.
- The ESIC supervises the scheme ESI (Employee State Insurance).
- The services provided by the ESI scheme are compatible with the International Labour Organization. The money needed for this plan is collected from the employers and the staff.
Benefits of ESI
ESI offers Indian labourers with healthcare coverage during any form of accident, impairment, sickness, pregnancy or even workplace death, etc., and financial advantages during unemployment. The benefits of the ESI system are described below.
- Physical Disability Benefits
- Medical Benefits
- Maternity Benefits
- Dependent Benefit
- Unemployment Allowance.
- Sickness Benefit