The Employee’s State Insurance Corporation (ESIC) has announced that the monthly wage threshold from Rs 15,000 to Rs 21,000 for the coverage under its health insurance scheme by the Labour Minister Bandaru Dattatreya, Chairman of ESIC board.
The ESIC board has also decided to give an option to the existing insured persons to continue the membership though their wage breaches the ceiling of Rs 21,000 per month. And the people who are insured under the ESIC scheme lose their membership as well as the insurance cover if their wage overshoots the ceiling.
The Labour Minister Dattatreya extended the move of raising the threshold which helps in additional 150lakh members to ESIC. Presently, the ESIC has 2.6 crore insured members which covers over 10 crore people, assuming four members in a Family.
The minister also told that there is a plan to increase the wage threshold for the retirement fund body EPFP subscribers and it may be considered at the next meeting of Central Board of Trustees (CBT).
The wage threshold is Rs 15,000 per month for the coverage under its social security scheme.
The decisions will be implemented from October 1.
Please download the pdf file to view the Ministry of Labour and Employment Notification wage-ceiling-21000