Over 16 lakh new subscribers join ESIC in Feb
This is an interesting figure as CMIE reported employment data during February increased from 7.14% in January 2023 to 7.45% in February
In some good news from employment perspective, 16.03 lakh new subscribers were added in Employees’ State Insurance Corporation’s (ESIC) social security scheme. More establishments are registering under ESIC as 11,000 new establishments got added.
The data also indicated bigger roles given to the younger staff as as 46% of new subscribers are below 25 years old. This is an interesting figure as CMIE reported employment data during February increased from 7.14% in January 2023 to 7.45% in February.
In March it further went up to 7.8%. Economy is going through tough times, however, high ESIC subscribers indicate that large number are becoming part of formal job sector.
The gender-wise analysis of the payroll data also indicates addition of 3.12 lakh female workers.
The payroll data is provisional since data generation is a continuous exercise, it stated.