Employment generation increased in July to an 11-month high of nearly 14 lakh, taking the total tally of new subscribers with Employees’ State Insurance Corporation (ESIC) to 1.34 crore since September 2017, according to a Central Statistics Office report (CSO).
As many as 13.97 lakh new members joined the health insurance scheme run by the ESIC in July this year, which is the highest in any month since September 2017, a report of the CSO said
The report is based on the enrolment under social security scheme run by ESIC, Employment Provident Fund Organisation (EPFO) and Pension Fund Regulatory and Development Authority (PFRDA).
However, the data indicates that the total number of insured persons or enrolled workers with ESIC as in July this year were 2.77 crores, slightly less than 2.95 crores in September 2017.
The Employment State Insurance Act, 1948 is applicable to establishments employing 10 or more workers. For health and medical institutions, the threshold limit is more than 20 workers. The wage ceiling is Rs 21,000 per month. The number of subscribers of this scheme also gives an idea of the level of employment in the formal sector, the CSO report said.
Source: Business Today