ESIC: Employees State Insurance Corporation
ESIC Full Form
ESIC full form stands for Employees State Insurance Corporation which is a self-financing social security and health insurance scheme for Indian workers.
The fund is managed by the Employees’ State Insurance Corporation (ESIC) in accordance with the rules and regulations laid down in the ESI Act, 1948.
- In March 1943, Prof. B.P. by the Government of India to prepare a report on the health insurance scheme for industrial workers.
- This report became the basis of the Employment State Insurance (ESI) Act of 1948.
- An integrated needs-based social insurance scheme is envisaged under the Employees’ State Insurance Act, 1948, which will protect the interests of workers in emergencies like illness.
- On 24 February 1952 it was first implemented in Delhi and Kanpur.
- Under the Act, employees were denied their responsibilities under the Maternity Benefit Act, 1961 and Workmen Compensation Act, 1923.
The Employees’ State Insurance Corporation (ESIC), established by the ESI Act, is an independent corporation under the Ministry of Labor and Employment, Government of India. As it is a legal entity, the corporation can raise loans to increase such loans with the prior approval of the central government.
The corporation may establish hospitals independently or in collaboration with the state government or other private entities. ESIC is a legal and autonomous body under the Ministry of Law and Employment.
Benefits Of ESIC
- Funeral expenses
- Rehabilitation Allowance
- Benefits of disease
- Maternity benefit
- Medical Benefits
- Disability benefits
- Dependent profit
What Is The Full Form Of ESIC?
ESIC full form stands for Employees State Insurance Corporation which is a self-financing social security and health insurance scheme for Indian workers. On 24 February 1952 it was first implemented in Delhi and Kanpur.
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