ESIC SCHEME
Formal job creation under ESIC down by 7.8% in April to 1.64 million as compared to 1.78 million in April 2023
The provisional payroll data, released by the ministry of labour and employment shows that out of the total 1.64 million employees added during the month, 0.78 million employees or 47.6% of the total employees added to ESIC were up to 25 years of age, suggesting more jobs have been generated for the youth of the nation.
Capacity boost for EPFO, ESIC to pave way for labour reforms
The Social Security Code, 2020, passed by Parliament in 2020, entails extending social security to gig and platform workers. Some of the changes envisioned for retirement fund body EPFO in the short, medium, and long term include restructuring of its offices, business process re-engineering, and leveraging IT for automatic settlement of claims and cadre restructuring.
PM Gati Shakti to aid in expanding social security
To begin with, the ministry has geotagged 1.3 million establishments covered under the Employees' Provident Fund Organisation (EPFO), about 1.5 million under the Employees' State Insurance Corporation (ESIC) and 104 ESIC hospitals for assessing the current social security coverage and planning future expansion.
Wage ceiling under EPFO may be raised to ₹21k
The government is contemplating enhancing the wage ceiling under the Employees' Provident Fund Organisation (EPFO) to at least ₹21,000 from ₹15,000 now to widen the social security coverage, a step towards achieving universal social security.
Opportunity in short term headwinds? 4 AMC stocks with upside potential of up to 37%
While there is always a talk about how many new demat accounts have been opened every few months. But how many folios have got added in the mutual fund industry is something which does not make it to headlines. What makes a headline is just the headwinds, about new rules and regulations or a new competition coming up. But in reality, this fact is that for mutual funds houses or AMC companies, these headwinds are very minor things to handle, because they have the biggest macro tailwind of financialisation of saving, a trend which got really strong post demonetisation. Let's look at the different headwinds and some narratives around them which the AMC industry has dealt with over many years and still come out strong.
ESIC approves Rs 1,128 crore for construction of 7 hospitals
The seven ESI Hospitals will be constructed at Harohalli, Narsapura, Bommasandra (Karnataka), Merrut, Bareilly (Uttar Pradesh), Pithampur (Madhya Pradesh) and Duburi (Odisha).
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New enrollment in EPF and ESIC hit over three-month high; NPS declines
The average new additions in the third quarter of the fiscal were still lower than in the first half of the year, given the easing of economic activity. Experts estimate that growth likely eased below 7% in Q3FY24, compared with 7.7% average for the first half of the year.
Formal job creation under ESIC up 18.2% in December to 1.88 million
As per the provisional payroll data, released by the ministry of labour and employment on Thursday, new employees added to ESIC in December 2023 stood at 1.88 million as against 1.59 million in November while the new 23,347 new establishments were added to it in the month under consideration.
ESIC to extend medical benefits to superannuated subscribers who retired at higher wages
In its 193rd meeting, under the chairmanship of labour and employment minister Bhupender Yadav, it was decided that superannuated or voluntarily retired people, who went out of the scheme due to higher wage ceiling but had five years of inusrable employment before retiring, will be eligible for medical benefits for self and spouse.
Formal job additions decline further in November: MoSPI
India's formal job market faced a decline in November, attributed to festive celebrations. Preliminary data reveals a 5% drop in new subscribers to the Employees' Provident Fund (EPF) and a 10.5% decline in the Employees' State Insurance Corporation (ESIC), marking the lowest figures in nearly two years. In contrast, the National Pension Scheme (NPS) experienced a 52% rise in new subscriptions, largely driven by state governments. Overall, formal job additions have dwindled for the fourth consecutive month, highlighting economic challenges.
Formal job creation under ESIC fell 7.5% to 1.59 mn in Nov: Payroll data
Formal job creation under the Employees’ State Insurance Corporation (ESIC) fell 7.5% in November, with 1.59 million new employees added. This is the lowest new subscriber addition under ESIC in the current fiscal. Around 20,830 new establishments have been registered and brought under the social security umbrella of ESIC in November, ensuring more coverage.
India shares social security data with US
New Delhi, will this week, push for a totalisation pact to do away with dual social security taxation for its workers, with US trade representative Katherine Tai under the India-US Trade Policy Forum.
Totalisation pact: India shares social security data with US
This assumes significance as India has already refused a Double Contribution Treaty with the UK in case of intra-corporate transfers. “At present, temporary employees don’t get benefits in either of the countries and their savings get forfeited. We say don’t take money from the employees in the UK but let them continue with their social security in India,” an official said. With the US, India will also take up issues related to H1, E1 and E2 visas taking too long.
ESIC to set up nine hospitals in Maharashtra, MP, Uttarakhand
According to a labour ministry statement issued late in the evening on Friday, nine new ESI hospitals in Maharashtra, Madhya Pradesh and Uttarakhand, and 17 new dispensaries in Gujarat will be set up under the ESI Scheme to improve the healthcare infrastructure.
Formal job creation shrinks in October
However, more new establishments came under the ESIC month-on-month in October, according to the data released by the labour and employment ministry. As per the data, 23,468 new establishments were recognised under the ESIC in October, compared to 22,544 new establishments in the month before. Employees aged up to 25 years made up 47.76% of the total workforce employed under the ESIC scheme in October, a shade lower than 47.98% in September.
New enrolments in the formal job market fall further in September
The number of first-time workers entering the formal job market declined in September, with both the Employees' Provident Fund (EPF) Scheme and Employees' State Insurance Corporation experiencing a decline in new enrollments. The EPF scheme saw a 6% drop in new enrollments, while the ESIC, catering to lower-paying jobs, saw a 4.7% decline.
Employees' State Insurance adds 18.88 lakh new members in Sep
Data revealed that more jobs have been generated for the youth as of the 18.88 lakh employees added during the month, 9.06 lakh employees up to the age group of 25 constitute the majority of new registrations which is 47.98 per cent of the total employees, it stated. Gender-wise analysis of the data indicates that the net enrolment of women members was 3.51 lakh in September.
Formal employment rises, but youth and women lose out
Women and the youth of India lose out when we talk about better-paying jobs in the formal sector, an ET analysis as shown based on data from Employees' Provident Fund. The Share of women in the net enrollment to the EPF scheme declined to 20.4%, data shows, even as enrollment in the ESIC increased for both the younger group and women.
Formal employment additions drop in August
New enrolments to the government's social security schemes in India declined in August, indicating slower growth in formal employment. The decline was more significant in higher-paying jobs, with new enrolments in the Employees' Provident Fund (EPF) Scheme falling by 13.3%. However, net subscriptions to the EPF scheme, which takes into account exits and re-entries, reached the highest level this year.
New enrollments to the formal job market decline in August; women lose out
New enrollments to the government's social security schemes in India declined in August, indicating slower growth in formal jobs. Enrollments for the Employees' Provident Fund (EPF) Scheme dropped by 13.3%, with net subscriptions at their highest level since the start of the year. New subscribers to the Employees' State Insurance Corporation also declined, albeit at a slower rate.
ESIC adds 1.94 million formal workers in August
Formal job creation by the Employees' State Insurance Corporation (ESIC) slightly decreased in August, with 1.94 million jobs added compared to 1.98 million in July. However, the number of new establishments registered with ESIC in August was lower than in July. The data also showed that a significant proportion of the workforce added to ESIC in August were aged 25 or younger.
EPF, NPS enrollments at four month high, ESIC declines to three-month low
New enrollments in less lucrative jobs reached a three-month low in July, while higher-paying jobs continued to show stronger numbers. Enrollments in the Employees' State Insurance Corporation (ESIC) decreased to 1.49 million, while enrollments in the Employees’ Provident Fund Scheme (EPFO) increased by 18.8% and new subscribers to the National Pension Scheme (NPS) rose by 40%.
India added 5.2 crore new formal jobs in FY20-23: Report
The government has since April 2018 releasing monthly payroll data from the Employees Provident Fund Organisation or EPFO, the National Pension Scheme or NPS and the Employees State Insurance Corporation or the ESIC, based on the recommendations given by Ghosh & Ghosh report.
Formal job creation shows mixed results in June
The net enrollments under the Employees' Provident Fund Scheme increased by 29% in June compared to the previous month. However, new subscriptions to the Employees' State Insurance Corporation decreased in June compared to May. Enrollments for the National Pension Scheme also declined for the second consecutive month, but at a slower rate.
Employees' State Insurance Corporation adds 2 million subscribers in June
Formal job creation under the Employees' State Insurance (ESI) Scheme remained flat in June compared to May, with addition of 2.02 million new subscribers. The ESI Corporation had added 2.02 million subscribers in May and 1.78 million formal workers in April.
Formal job creation under ESIC remains flat in June
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.
Job creation under ESIC up 13.4% in May
The provisional payroll data of ESIC reveals that 20.23 lakh new employees have been added in May 2023, a labour ministry statement said. Around 24,886 new establishments have been registered and brought under the social security umbrella of the Employees' State Insurance Corporation in May 2023, thus ensuring more coverage, it stated.
Formal job creation under ESIC registers 2.8% growth in April on a monthly basis
As per the provisional payroll data of ESIC, released by the ministry of labour and employment on Monday, around 30,249 new establishments have been registered and brought under the social security umbrella of Employees’ State Insurance Corporation in the month of April, 2023, thus ensuring more coverage.
ESIC adds 16.03 lakh new subscribers in February
According to the data released by the ministry of labour and employment on Tuesday, around 11,000 new establishments have been registered in the month of February, 2023 under the Employees’ State Insurance Scheme ensuring social security cover to their employees.
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