ESIC adds 12.56 lakh new subscribers in February

According to payroll data released by the Ministry of Statistics and Programme Implementation last Monday, a total of 12.56 lakh new subscribers were added to the Employees' State Insurance Corporation (ESIC) in the month of February 2022, according to the Ministry of Statistics and Programme Implementation.

According to a report titled "Payroll Reporting in India – A Formal Employment Perspective," the total number of net new subscribers decreased in February as compared to the 12.99 lakh new subscribers added in January 2022, the report states. The report is based on payroll data from new subscribers to the ESIC, the EPFO, and the PFRDA, as well as data from existing subscribers. According to the report, nearly 10.10 lakh male and 2.45 lakh female subscribers were added to the ESIC in the last year. According to the data, 8.40 lakh new subscribers were added to the EPF scheme in the month of February 2022, representing a decrease from the 9.24 lakh new subscribers who were added in the previous month. During the month, a total of 9.34 lakh members left the EPF scheme but re-joined it by continuing their membership. The data also revealed that the National Pension Scheme (NPS) experienced a marginal decline in net additions of subscribers, with 64,611 being added in January 2022 compared to 64998 in January 2022.

State government employees accounted for 40644 members of the total number of subscribers added under the NPS, followed by Central government employees at 13112 members and non-government or corporate sector members at 10855 members.

What is Employees' State Insurance Corporation (ESIC)?

Employees' State Insurance Corporation (ESIC) is a government-owned statutory body that falls under the Ministry of Labour and Employment.

The ESIC was created primarily to provide workers with social security. It was founded when the country was just starting to develop an industrial workforce, with the goal of ensuring that these workers were protected in terms of health and finances.

Members of the Employee State Insurance Corporation Scheme are financially protected in the event of an untimely health-related event. Medical benefits, disability benefits, maternity benefits, unemployment benefits, and other benefits are available through the programme.