Formal employment under the Employees’ State Insurance Corporation (ESIC) surged in March, with new job creation increasing by 5.79%, reaching 1.63 million, up from 1.54 million in February, provisional payroll data released by the ministry of labour and employment on Friday said.The data also revealed a 33.9% rise in establishments joining the social security umbrella of ESIC with 31,514 new units enrolled in March. This was a sharp uptick from the previous month which recorded 23,526 joinees, as reported by ET.Youth employment remained a strong driver, with nearly half, 0.79 million or 49%, of the new registrations in March belonging to individuals aged 25 years or younger. Female participation also showed encouraging signs, with 0.36 million women registering during the month. Additionally, the ESIC recorded registrations of 100 transgender employees, highlighting the organisation’s commitment to inclusivity.However, since data generation is a continuous process, the payroll data is provisional.The ESIC, established under the ESI Act of 1948, is a major statutory social security institution alongside the Employees’ Provident Fund Organisation which provides medical care and cash benefits to employees earning up to Rs 21,000 a month. These benefits are funded by contributions of both the employees who contribute 0.75% of their wages while taking 3.25% from employers, bringing the total to 4%.Registered members receive comprehensive benefits, including medical treatment for themselves and dependents, maternity benefits for women, unemployment cash support in specific circumstances, and compensation for employment-related disability or death, including family pensions.
