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Almost 2 Crore Jobs Created In Last 16 Months: ESIC Data Paints Picture Of Employment Generation In India
Representative image (Unsplash/Kate Sade)
According to the latest ESIC payroll Data, 1.96 crore new jobs were created in the country in the past 16 months between September 2017 and December 2018, reports MoneyControl.
These latest figures are substantially higher than the Employees' Provident Fund Organisation (EPFO) data, according to which 72.32 lakh new jobs were created in the same period.
ESIC data is released by Central Statistics Office (CSO) and it collates information not only from EFPO but also Pension Fund Regulatory Development Authority (PFRDA). Hence, it reflects a more accurate picture of employment generation in the country.
Employees’ State Insurance Scheme is a multidimensional social security system that provides socio-economic protection to worker population and their dependents covered under the scheme.
Under the scheme, health insurance and medical services are provided to all employees of non-seasonal factories employing 10 or more persons. However, only those employees whose monthly wages are up to Rs 21,000 can avail the benefits.
New Milestone For Job Creation
On 14 January 2019, NDA government’s flagship employment scheme, Pradhan Mantri Rozgar Protsahan Yojana (PMRPY) crossed the significant milestone of one crore beneficiaries.
Launched by Prime Minister Narendra Modi on 7 August 2016, PMRPY encourages employers to hire more people and promote employment in the country.
Under the scheme, the government pays the entire employers’ contribution of twelve per cent (towards both Employees’ Provident Fund and Employees’ Pension Scheme), for three years. These benefits are only applicable for new employees hired on or after 1 April 2016, registered with the EPFO and with salaries less than Rs 15,000 per month.
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