23.05 Lakh New Employees Join ESIC in May 2024
In May 2024, the Employees’ State Insurance Corporation (ESIC) welcomed 23.05 lakh new employees, according to provisional payroll data. This includes 1.15 lakh young employees up to the age of 25, making up 48% of the total registrations.
Gender and Age Breakdown
The data reveals that 4.47 lakh female employees and 60 transgender employees enrolled in the ESI Scheme in May 2024. This highlights ESIC’s commitment to inclusivity.
New Establishments
Additionally, 20,110 new establishments registered under the ESI Scheme in May 2024.
Year-on-Year Growth
There was a 14% growth in net registrations compared to May 2023.
About ESIC
ESIC, established by the Government of India in 1948, operates under the Ministry of Labour and Employment. Its headquarters are in New Delhi, with a network of regional, sub-regional, and local offices across the country.
Doubts Revealed
Lakh -: In India, ‘lakh’ is a term used to represent 100,000. So, 23.05 lakh means 2,305,000.
ESIC -: ESIC stands for Employees’ State Insurance Corporation. It is a government organization in India that provides health insurance and social security to workers.
Transgender -: Transgender individuals are people whose gender identity is different from the sex they were assigned at birth. They can be male, female, or non-binary.
Establishments -: Establishments refer to businesses or organizations. In this context, it means new companies or workplaces that have registered under the ESI Scheme.
ESI Scheme -: The ESI Scheme is a social security and health insurance program for Indian workers. It provides medical care and financial benefits to employees and their families.
Net registrations -: Net registrations mean the total number of new registrations minus any cancellations or deletions. It shows the actual growth in the number of registered employees or establishments.
