Take-home salaries of millions of workers could rise with the government moving to free employees from compulsory coverage in a state-run healthcare programme that costs them 6.5% on a cost to company basis, and give them the choice to buy a health insurance product from an insurance firm instead.
The government has called a meeting of the Employees' State Insurance Corporation (ESIC) on Tuesday to approve amendments to this effect in the ESI Act of 1948, India's first social security legislation. If ratified, the change could throw up a major opportunity for the country's $2 billion health insurance business. Finance minister Arun Jaitley had declared the government's intent to allow employees to exercise their individual choice in health insurance in his Budget speech.
Take-home salaries of govt employees may rise as mandatory health insurance to go - The Times of India
The government has called a meeting of the Employees' State Insurance Corporation (ESIC) on Tuesday to approve amendments to this effect in the ESI Act of 1948, India's first social security legislation. If ratified, the change could throw up a major opportunity for the country's $2 billion health insurance business. Finance minister Arun Jaitley had declared the government's intent to allow employees to exercise their individual choice in health insurance in his Budget speech.
Take-home salaries of govt employees may rise as mandatory health insurance to go - The Times of India
