ESIC Full Form Name: ESIC Meaning

Full Form of ESIC:

Employees’ State Insurance Corporation

ESIC Full Form is Employees’ State Insurance Corporation of India. ESIC is an autonomous body which provides health insurance and social security to Indian workers. ESIC is a central government organization constituted by ESI Act 1948 (Employment State Insurance Act) and it is working under Ministry of Labour & Employment of the Government of India. The corporation is responsible for the financial management of the Employees’ State Insurance Scheme. The Employees’ State Insurance scheme is essentially a health insurance and self-financing scheme providing social security for Indian workers. The financial management, as already mentioned before, is done by the ESIC in accordance with the ESI Act 1948.

The ESIC is a legal entity, as it is established by a legislative Act. The corporation is entitled to raise loans and undertake measures for the purposes of discharging these loans with the prior approval of the Union Government. Also, the corporation has the power to acquire both immovable and movable properties, from which the generated income will belong to the corporation. In order to further the objectives of the Act 1948, the corporation is empowered to establish hospitals either in collaboration with private entities or state governments or independently.

However, most of the hospitals and dispensaries so established are operated by the respective state governments. It is the duty of the corporation to ensure implementation of the scheme such as that the employees who are registrants under the scheme are able to avail entitlements such as medical treatments, unemployment cash benefit, maternity relief in case the employee is a woman. Pehchan smart cards have been rolled out to ensure greater efficiency in the implementation of the scheme. The cards were rolled out as part of the Project Panchdeep. Thus, the role of ESIC in ensuring the reach of the scheme to those who are entitled to its benefits has been immense.

Responsibility of ESIC:

The primary responsibility of ESIC is to take care of the welfare of the Indian workers and their dependents. It offers various benefits to the Indian workers whose monthly wage is less than Rs.15, 000. It provides various benefits like maternity benefit, sickness benefit, disablement benefit etc…

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