Employment generation increased in July to 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 crore, slightly less than 2.95 crore 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.
The report further said, quoting EPFO's net payroll, new job creations in July rose to an 11-month high of 9.51 lakh, taking the total tally of new enrolments to 61.81 lakh since September 2017.
The EPFO covers every establishment in which 20 or more persons are employed and certain organisations even if they employ less than 20 persons each. The pay limit is Rs 15,000 per month. Persons drawing pay above Rs 15,000 are exempted or can be enrolled with some permission or on voluntary basis, the CSO said.
As per the CSO report the estimated total number of new NPS subscribers during the period September, 2017 to July, 2018 is 6,48,779 persons.
The PFRDA's National Pension scheme (NPS) is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account.