Formal job creation under ESIC remains flat in June

economictimes.indiatimes.com:

Formal job creation under the Employees’ State Insurance Corporation remained flat in June when compared to May with addition of 2.02 million new subscribers. ESIC had added 2.02 million subscribers in May and 1.78 million formal workers in April.

As per the provisional payroll data of ESIC, released by the ministry of labour and employment on Thursday, around 24,298 new establishments have been registered and brought under the social security umbrella of Employees’ State Insurance Corporation in the month of June, 2023, thus ensuring more coverage. This is, however, a tad lower than 24,886 new establishments added in May.

Further, employees up to 25 years of age constituted 48.22% of the total workforce employed in the formal sector under ESIC in the month under consideration with the youth workforce pegged at 0.97 million out of the total 2.02 million formal workers added to ESIC in June. While the number of female employees added to the scheme in June stood at 0.38 million, 71 transgender employees also got registered under the ESI scheme in June this year, the ministry of labour and employment said.

“It shows that ESIC is committed to deliver its benefits to every section of the society,” the ministry said, adding that the payroll data is provisional since the data generation is a continuous exercise. Employees’ State Insurance Corporation is one of the two main statutory social security organisations under the ministry of labour and the employment, the other being the Employees’ Provident Fund Organisation.

The fund is managed by ESIC according to rules and regulations stipulated in the ESI Act 1948. All employees earning up to Rs 21,000 per month as wages contribute 0.75% of their wages while the employer