Government extends Atal Beemit Vyakti Kalyan Yojana for two years

The government has decided to prolong the duration of the Atal Beemit Vyakti Kalyan Yojana, the unemployment scheme under the Employees’ State Insurance Corporation, for an additional two years until June 30, 2024.

This marks the scheme’s third extension, with previous extensions granted in both 2020 and 2021. These extensions aim to continue providing financial support to ESIC beneficiaries who faced job losses during the pandemic

Atal Beemit Vyakti Kalyan Yojana: A Welfare Measure for ESIC Covered Employees During Unemployment

The scheme was initially introduced on a pilot basis in 2018, intended to run for two years. However, due to the outbreak of Covid and the ensuing lockdown, the government extended the unemployment scheme beyond its initial duration.

This scheme serves as a welfare initiative for employees falling under Section 2(9) of the ESI Act, 1948, offering them relief payments for a period of up to 90 days in the event of unemployment, but limited to a one-time benefit.

Under this scheme, eligible beneficiaries receive relief equal to 50% of their average per day earnings from the preceding four contribution periods. This is calculated as the total earning during those four periods divided by 730.

Eligibility Criteria for ABVKY Benefits

To avail the benefits offered by ABVKY, insured individuals must satisfy the following criteria:

  • The person should have been in insurable employment for a minimum of two years prior to their unemployment.
  • They must have contributed for at least 78 days during the contribution period immediately preceding their unemployment and a minimum of 78 days in at least one of the remaining three contribution periods within the two years prior to their unemployment.

Eligible individuals seeking benefits from the Atal Beemit Vyakti Kalyan Yojana can apply by submitting appropriate documents, including the ESI card or relevant paperwork from their employing company.

Key takeaways for competitive examinations

  • Director General of Employees’ State Insurance Corporation: Rajendra Kumar

Find More News Related to Schemes & Committees



Recent Posts

APIX and RBI Join Forces for HaRBInger 2024 Hackathon

APIX, the leading global collaborative innovation platform for financial institutions and fintechs across over 90…

14 hours ago

Most Strawberry Exporting Country in the World

Strawberries, with their bright red color and sweet taste, are a favorite fruit worldwide. When…

14 hours ago

India, Sri Lanka Commission Maritime Rescue Centre to Boost Security Ties

India and Sri Lanka June 20, commissioned an initiative key to maritime security cooperation between the…

14 hours ago

Largest Jackfruit Producing State in India

Odisha, a state located on the eastern coast of India, has emerged as the largest…

15 hours ago

The Hunger Games’ Actor Donald Sutherland Dies at 88

The Canadian actor Donald Sutherland, star of films including The Hunger Games and Don't Look…

15 hours ago

List of Firsts in India – Science & Technology, Governance, Politics, Defence, Sports, and Awards

List of First in India India has a rich history of pioneering achievements across various…

16 hours ago