New Delhi: The payroll data of the Employees’ State Insurance Corporation (ESIC) reveals that 16.07 lakh new employees were added in November last year out of which over 47 per cent are young employees up to the age group of 25 years, which is a good indicator of new jobs being created in the economy.
As many as 20,212 new establishments have been brought under the ambit of the ESI Scheme in the month of November 2024 thus ensuring social security to more workers, according to a statement issued by the Ministry of Labour and Employment.
Further, the year-on-year analysis shows a growth of 0.97 per cent in net registrations compared to November 2023. The statement highlights that out of the total 16.07 lakh employees added during the month, 7.57 lakh employees amounting to around 47.11 per cent of the total registrations belong to the age group of up to 25 years.
A gender-wise analysis of the payroll data indicates that the net enrolment of female members was 3.28 lakh in November 2024. Besides, a total of 44 transgender employees were also registered under the ESI Scheme during the month, as part of the policy to extend benefits to every section of society, the statement said.
The payroll data is provisional since the data generation is a continuous exercise and a revision can be made with more figures coming in.
The ESIC data matches the Employees’ Provident Fund Organisation (EPFO) figures released this week which showed a net addition of 14.63 lakh members in November 2024, which represents an increase of 9.07 per cent over the corresponding figure for October.
Further, the year-on-year analysis reveals a growth of 4.88 per cent in net member additions compared to November 2023, reflecting increased employment opportunities and heightened awareness of employee benefits, as per the official statement.
EPFO’s payroll data shows a 5.86 lakh increase in the number of persons for the age group 18-25 for November, reflecting an increase of 7.96 per cent compared to the previous month of October. This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers.