ESIC records 6.8% rise in formal job creation this August
The Employees' State Insurance Corporation (ESIC) recorded a 6.8% rise in formal job creation in August, with 2.07 million jobs created. The number marks a sharp increase from last year's 1.94 million jobs created in the same month, according to provisional payroll data released by the Ministry of Labor and Employment. However, compared to July's 2.25 million new registrations, there was an 8% month-on-month decline in August.
Nearly 29,000 new establishments join ESI scheme
Further, the provisional payroll data also showed that around 28,917 new establishments were added under the social security coverage of the ESI scheme in August. This is a decline from July's addition of 56,467 new establishments. The ESIC is one of two major statutory social security organizations administered by the Ministry of Labor and Employment, the other being the Employees' Provident Fund Organisation (EPFO).
Young employees dominate new registrations
The data also emphasized that out of the total 2.07 million employees added in August, nearly half (0.98 million or 47.6%) were aged 25 years or younger. This shows a significant participation of young people in the formal job sector under ESIC's purview. The ESIC fund, created under the ESI Act 1948, offers medical and cash benefits to registered employees and their families through contributions from employees and employers.
ESIC's commitment to inclusivity reflected in payroll data
The gender-wise analysis of the payroll data for August revealed that 0.41 million female members and 60 transgender employees were registered under the ESI scheme. This demonstrates ESIC's commitment to extending its benefits to all sections of the society. The organization offers various benefits such as medical treatment, unemployment cash benefit, maternity benefit for women employees, and provisions for disablement benefit and family pension in case of employment-related disablement or death.
