According to the provisional payroll data of the Employees’ State Insurance Corporation (ESIC), there has been a notable addition of 17.88 lakh new employees in April 2023. This indicates an increase in formal employment and the extension of social security benefits to a larger workforce.
More about the News
New Establishments
The data reveals that approximately 30,249 new establishments have been registered and included in the social security coverage provided by the ESIC. This signifies a wider reach of social security benefits, ensuring that more employees are protected under the ESI scheme.
Employment Opportunities for Youth
The data clearly indicates that a significant number of employment opportunities have been generated for the youth of the country. Out of the total 17.88 lakh employees added in April 2023, 8.37 lakh employees, accounting for 47% of the total, are individuals aged 25 years or younger. This demonstrates a positive trend in youth employment and highlights efforts to create opportunities for young people in the workforce.
Promoting Gender Inclusion
- In terms of gender representation, the payroll data reveals that 3.53 lakh female members were enrolled in the ESIC scheme in April 2023. This reflects a commitment to promoting gender inclusion and providing social security benefits to women workers.
- Moreover, the data also indicates that 63 transgender employees were registered under the ESI Scheme during the same period. This demonstrates ESIC’s commitment to extending its benefits to individuals from every section of society, including transgender individuals.
Overall, these figures highlight positive trends in employment generation and the expansion of social security coverage, which are essential for the well-being and protection of workers in India.
The data also showcases the efforts of ESIC to generate employment opportunities, promote gender inclusion, and ensure social security benefits for diverse segments of society, including youth, women, and transgender individuals.
About The Employees’ State Insurance Corporation (ESIC)
The Employees’ State Insurance Corporation (ESIC) is a statutory social security organization in India.
- It was established in 1948 under the Employees’ State Insurance Act, 1948.
- The ESIC provides a range of social security benefits to employees in the organized sector, including medical care, sickness benefits, maternity benefits, disablement benefits, and death benefits.
- The ESIC is funded by contributions from employees and employers. The contribution rate is 4.75% of the employee’s wages, with the employer paying an additional 3.25%.
- The ESIC has a network of hospitals and dispensaries across India. These hospitals provide medical care to insured persons and their families.
- The ESIC also provides cash benefits to insured persons who are unable to work due to sickness, maternity, or disablement.
The ESIC is a vital social security institution in India. It provides much-needed protection to employees in the organized sector. The ESIC has helped to improve the lives of millions of people in India.
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FAQs
What is the ESI scheme?
Who is eligible for the ESI scheme?
Have paid the ESIC contribution for at least 78 days in the preceding 12 months.
Be unable to work due to sickness, maternity, or disablement
What are the contribution rates for the ESI scheme?
Employee: 4.75% of wages
Employer: 3.25% of wages
