The Employees' State Insurance Corporation (ESIC) has said that it has raised the monthly wage threshold to Rs 21,000, from the current Rs 15,000, for coverage under its health insurance scheme.
As per reports, the ESIC board also decided to give an option to existing insured persons to continue membership even if their wage breaches the ceiling of Rs 21,000 per month.
At present, all those insured under the ESIC scheme lose their membership of ESIC as well as that of the insurance cover if their wage overshoots the ceiling.
At present, ESIC has 2.6 crore insured persons, which covers over 10 crore people, assuming four members of a family.
Commenting on the issue, the Labour Minister also said that there was a plan to increase the wage threshold for retirement fund body EPFO subscribers and it may be considered in the next meeting of the Central Board of Trustees (CBT).
At present, the wage threshold is Rs 15,000 per month for coverage under its social security scheme.