The Atal Bimit Vyakti Kalyan Yojana (ABVKY) is a welfare scheme introduced by the Employees’ State Insurance Corporation (ESIC) to provide financial support to insured persons who become unemployed. Launched on July 1, 2018, the scheme aims to offer a safety net for workers covered under the Employees’ State Insurance (ESI) Act, 1948, during periods of unemployment. This detailed blog explores the objectives, features, benefits, and impact of the Atal Bimit Vyakti Kalyan Yojana, along with the application process and challenges faced.
Objectives of Atal Bimit Vyakti Kalyan Yojana (ABVKY)
The primary objectives of the Atal Bimit Vyakti Kalyan Yojana (ABVKY) are:
- To provide financial assistance to insured persons covered under the ESI Act, 1948, during periods of unemployment.
- To offer a safety net for workers who lose their jobs due to various reasons, including retrenchment or closure of the establishment.
- To ensure a measure of income security for unemployed workers and their families.
- To promote social security and welfare among workers covered under the ESI scheme.
Key Features of Atal Bimit Vyakti Kalyan Yojana (ABVKY)
- Eligibility: The scheme is applicable to insured persons who have been rendered unemployed. The person should be an employee working in a factory or establishment to which the ESI Act applies and should have been in insurable employment for a minimum of two years immediately before his/her unemployment.
- Financial Assistance: The scheme provides cash compensation to the unemployed insured persons. The relief is payable at the rate of 50% of the average daily earnings of the employee for a maximum period of 90 days.
- One-Time Claim: The relief under the scheme can be claimed only once in a lifetime by an insured person.
- Direct Benefit Transfer (DBT): The financial assistance is directly transferred to the bank account of the insured person through the DBT mode.
- Application Process: The application process for claiming benefits under the scheme is straightforward and involves minimal documentation.
Application Process for Atal Bimit Vyakti Kalyan Yojana (ABVKY)
Insured persons can apply for benefits under the Atal Bimit Vyakti Kalyan Yojana (ABVKY) through the following steps:
- Submit Claim Form: The insured person needs to submit the claim for relief in the prescribed AB-1 form to the designated ESIC branch office. The form should be duly filled and signed by the claimant.
- Employer’s Verification: The claim form must be verified and signed by the employer or the authorized signatory of the last employer where the insured person was employed.
- Bank Details: The claimant must provide bank account details along with a cancelled cheque or a copy of the first page of the bank passbook for DBT.
- Submission of Documents: The insured person should submit all necessary documents, including the ESI card, Aadhaar card, and other required documents, to the ESIC branch office.
- Approval and Disbursement: Upon verification and approval of the claim, the relief amount is disbursed directly to the insured person’s bank account through DBT.
Benefits of Atal Bimit Vyakti Kalyan Yojana (ABVKY)
The Atal Bimit Vyakti Kalyan Yojana (ABVKY) offers several benefits to insured persons and their families:
- Financial Support: Provides financial assistance to insured persons during periods of unemployment, ensuring a measure of income security.
- Social Security: Promotes social security and welfare among workers covered under the ESI scheme, offering a safety net during job loss.
- Direct Benefit Transfer: Ensures efficient and transparent transfer of benefits directly to the insured person’s bank account through DBT.
- Simple Process: The application process is straightforward and involves minimal documentation, making it accessible to eligible individuals.
- Income Security: Helps maintain the financial stability of unemployed workers and their families during periods of unemployment.
Impact of Atal Bimit Vyakti Kalyan Yojana (ABVKY)
The Atal Bimit Vyakti Kalyan Yojana has had a significant impact on the financial security and well-being of insured persons:
- Income Security: The scheme has provided a measure of income security to unemployed workers, helping them meet their basic needs during periods of job loss.
- Financial Stability: The financial assistance has helped maintain the financial stability of insured persons and their families, reducing the impact of unemployment.
- Social Welfare: The scheme has promoted social welfare and security among workers covered under the ESI scheme, offering a safety net during economic uncertainties.
- Efficient Benefit Transfer: The use of DBT has ensured efficient and transparent transfer of benefits, minimizing delays and errors in disbursement.
Challenges and the Way Forward
Despite its benefits, the Atal Bimit Vyakti Kalyan Yojana faces several challenges that need to be addressed to enhance its effectiveness:
- Awareness: Increasing awareness about the scheme among insured persons is crucial for higher participation. Outreach programs and awareness campaigns can help in this regard.
- Timely Disbursement: Ensuring timely verification and disbursement of claims to provide prompt financial assistance to the unemployed.
- Documentation: Simplifying the documentation process and providing assistance to claimants in filling out the necessary forms.
- Monitoring and Evaluation: Implementing robust monitoring and evaluation mechanisms to assess the impact of the scheme and make necessary adjustments for better outcomes.
Conclusion
The Atal Bimit Vyakti Kalyan Yojana (ABVKY) is a commendable initiative that provides essential financial support to insured persons during periods of unemployment. By offering a safety net and promoting social security, the scheme ensures a measure of income security and financial stability for unemployed workers and their families. Continued efforts to increase awareness, simplify processes, and ensure timely disbursement will enhance the effectiveness of the Atal Bimit Vyakti Kalyan Yojana and its positive impact on the lives of insured persons.
