Economy

ESIC data shows a drop in job creation

In contrast, the EPFO’s latest payroll data showed that net employment generation in formal sector trebled to 8.61 lakh in February compared to 2.87 lakh last year

Job creation dropped by 1.73% from 15.30 lakh in February last year to 15.03 lakh this year, according to the latest payroll data of the Employees State Insurance Corporation (ESIC). The ESIC has released payroll data for April 2018, covering the period from September 2017.

The data also showed that from September 2017 to February 2019, nearly three crore new subscribers joined the ESIC scheme. The gross new subscribers addition remained the highest at 19.81 lakh in July 2018. It showed that 2.34 lakh women subscribers joined the scheme in February 2019 while around 12.69 men enrolled.

Three times enrollment in EPFO

In contrast to the ESIC data, the latest payroll data released by the retirement fund body Employees’ Provident Fund Organisation (EPFO) showed that net employment generation in the formal sector almost trebled to 8.61 lakh in February compared to 2.87 lakh last year. The EPFO has also been releasing payroll data from April 2018, covering the period starting September 2017.

In February 2019, the highest number of 2.36 lakh jobs were created in the 22-25 years age group, followed by 2.09 lakh in 18-21 age group. The data showed that 80.86 lakh new jobs were created in the 18 months period from September 2017 to February 2019.

ESIC provides health insurance and medical services to those insured, covering establishments that have 20 or more workers and all employees whose monthly wages are up to ₹21,000.

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Printable version | Jul 5, 2020 10:50:12 AM | https://www.thehindu.com/business/Economy/esic-data-shows-a-drop-in-job-creation/article26911203.ece

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