New Delhi: Job creation dropped by 1.73% in February 2019 to 15.03 lakh compared to 15.30 lakh in the same month last year, according to the latest payroll data put out by the Employees State Insurance Corporation (ESIC).
The ESIC has released payroll data since April 2018, covering the period from September 2017. The data also showed that from September 2017 to February 2019, nearly three crore new subscribers joined the ESIC scheme.
The gross new subscribers addition, however, was at its peak (19.81 lakh) in July 2018. In February 2019, 2.34 lakh women subscribers joined the scheme while around 12.69 lakh men enrolled.
The ESIC provides health insurance and medical services to those insured, covering establishments that have 20 or more workers and all employees whose monthly wages are up to Rs 21,000.
Three times enrollment in EPFO
In contrast to the ESIC data, the latest payroll data released by the retirement fund body Employees’ Provident Fund Organisation (EPFO) showed that net employment generation in the formal sector almost trebled to 8.61 lakh in February 2019 compared to 2.87 lakh in the same month last year.
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The EPFO has also been releasing payroll data from April 2018, covering the period starting September 2017.
In February 2019, the highest number of 2.36 lakh jobs were created in the 22-25 years age group, followed by 2.09 lakh in 18-21 age group. The data showed that 80.86 lakh new jobs were created in the 18 months period from September 2017 to February 2019.
Both forms of payroll data have been broadly criticised by a number of independent economists, arguing that it represents formalisation of the Indian economy and not the rate at which it is creating net jobs.