EPFO adds record number of members in April, registers 31% growth month-on-month
An increase of 31.29% has been registered in net member addition during April 2024 compared to March 2024.
The government has informed that 20.27 lakh new employees have been added in the month of June 2023 under the Employees’ State Insurance Scheme (ESI).
Around 24, 298 new establishments have been registered and brought under the social security umbrella of the Employees’ State Insurance Corporation in the month of June 2023, thus ensuring more coverage.
The data evidently reveals that more jobs have been generated for the youth of the nation as out of the total 20.27 lakh employees added during the month of June 2023, 9.77 lakh employees up to the age group of 25 years constitute the majority of new registrations which is 48.22 per cent of the total employees.
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It said the net enrollment of female members was 3.87 lakh in June, 2023.
Interestingly, a total 71 transgender employees have also got registered under ESI Scheme in the month of June, 2023.
ESI scheme is an integrated measure of Social Insurance embodied in the Employees’ State Insurance Act and it is designed to accomplish the task of protecting ’employees’ as defined in the Employees’ State Insurance Act, 1948 against the impact of incidences of sickness, maternity, disablement and death due to employment injury and to provide medical care to insured persons and their families.
The ESI Scheme applies to factories and other establishment’s viz. Road Transport, Hotels, Restaurants, Cinemas, Newspaper, Shops, and Educational/Medical Institutions wherein 10 or more persons are employed.
The scheme is financed by contributions from employers and employees. The rate of contribution by the employer is 4.75% of the wages payable to employees. The employees’ contribution is at the rate of 1.75% of the wages payable to an employee. Employees, earning less than Rs. 100 a day as daily wages, are exempted from payment of their share of contribution.
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