ESIC Reports Addition of 16.07 Lakh Employees in November, 47% Are Young Workers
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Synopsis
In November 2024, ESIC reported the addition of 16.07 lakh employees, with 47% being young workers aged 25 or younger. This growth indicates a positive trend in job creation, supported by the inclusion of new establishments under the ESI Scheme.
Key Takeaways
- 16.07 lakh new employees added in November.
- 47 percent of new employees are under 25 years.
- 20,212 new establishments registered under ESI Scheme.
- Year-on-year growth of 0.97 percent in registrations.
- Increased awareness of employee benefits.
New Delhi, Jan 24 (NationPress) The payroll statistics released by the Employees’ State Insurance Corporation (ESIC) on Friday indicate that 16.07 lakh new employees were incorporated in November of the previous year, with more than 47 percent being young workers aged up to 25 years. This is a positive sign of job creation within the economy.
Additionally, 20,212 new establishments have been included under the ESI Scheme in November 2024, thereby extending social security to a larger number of workers, as stated by the Ministry of Labour and Employment.
The year-on-year comparison reveals a 0.97 percent growth in net registrations when compared to November 2023.
According to the statement, from the total of 16.07 lakh employees added during the month, 7.57 lakh employees, which constitutes around 47.11 percent of the total registrations, belong to the age category of up to 25 years.
A breakdown of the payroll data by gender shows that the net enrolment of female members reached 3.28 lakh in November 2024. Moreover, a total of 44 transgender employees were also registered under the ESI Scheme during this month, part of an initiative to provide benefits to all segments of society.
The payroll data is provisional as data collection is an ongoing process, and revisions may occur as more information becomes available.
The ESIC data aligns with the figures from the Employees' Provident Fund Organisation (EPFO), which reported a net addition of 14.63 lakh members in November 2024, reflecting a 9.07 percent increase compared to the previous month.
Further analysis shows a growth of 4.88 percent in net member additions year-on-year compared to November 2023, highlighting an increase in employment opportunities and a greater awareness of employee benefits, according to the official statement.
EPFO’s data points to a 5.86 lakh increase in the number of individuals aged 18-25 for November, indicating a 7.96 percent rise compared to October. This trend suggests that a majority of those entering the organized workforce are youth, especially first-time job seekers.
