According to Employees’ State Insurance Corporation (ESIC) latest provisional payroll data, 23.05 lakh new employees were welcomed in May representing a 14% hike in net registrations compared to the previous year (same time). Interestingly out of the total new hires, 11.15 lakh (48.37%) are under the age of 25. The report came a day after Finance Minister Nirmala Sitharaman presented the Union Budget in the Parliament.
As per a gender-wise evaluation of the payroll data, it was found that 4.47 lakh of the recruits were women, constituting 20% of the total number. The data also revealed that 60 transgender folks have also been registered under the ESI scheme during May.
The Ministry of Labour and Employment reportedly said that 20,110 new establishments were brought to fruition under the ESI Scheme in May empowering more workers with social security.
The budget has additionally earmarked ₹10,000 crore for a New Employment Generation Scheme, underscoring a reinvigorated emphasis on job creation in response to the deceleration in employment growth observed in the aftermath of the pandemic.
In April, 1.647 million new employees were added, with nearly half being young individuals aged up to 25 years. Additionally, approximately 18,490 new establishments were incorporated into the social security framework of the ESI Scheme. A gender-specific analysis of the payroll data reveals that female membership increased by 3,38,000, while a total of 53 transgender employees were also registered under the scheme.
Insights from agencies
