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Lok Sabha
A scheme to provide unemployment allowance to workers in the event of losing job due to closure of factory/establishment, retrenchment or permanent invalidity has been approved by the Employees State Insurance Corporation. The allowance would be in cash equivalent to about 50 per cent of wages and would be paid for a maximum period of 6 months. Only those workers would be eligible who are insured under the ESI Scheme having 5 or more years of insurable employment. It is estimated that about 1.05 lakh insured persons would be eligible for unemployment allowance in the first year.
Annual expenditure on the scheme as per actuarial analysis in the first year of implementation i.e. 2005-06 would be about Rs. 115 crores, which may go up to Rs. 280 crores by 2014-2015. The ESI Corporation has planned to meet the expenditure on this scheme out of its own resources without levying any additional contribution from employees, employers or funding by the Central or State Government.
This information was given by the Minister of Labour & Employment Shri K. Chandrasekhar Rao in a written reply in the Lok Sabha today.
MLD:LK
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