ESIC scheme adds 11.55L new members in Jan 2021

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ESIC schemes are very popular in India. As a result, there is a hike in new members joining the scheme. According to NSO numbers, the number of new ESIC subscribers registering in 2019-20 was 1.51 crore. Approximately 83.35 lakh new customers joined the ESIC system between September 2017 and March 2018.

ESIC scheme adds 11.55L  of new participants

In January 2021, the Employees’ State Insurance Corporation (ESIC) added approx 11.55 lakh, new subscribers, compared to 12.22 lakh the previous month.

The overall “number of newly enrolled workers & contributing during the month” with the ESIC in January was 11,55,451, as per data from the National Statistical Office (NSO), relative to 12,22,457 in December 2020.

However, The lowest number of newcomers was 2,63,319 in April of the year before. Besides, The total was 9,52,892 in November.

Notification on ESIC Scheme

From April 2018, the Ministry of Statistics and Programme Implementation (MosPI) is publishing employment-related data in the formal sector from September 2017 to September 2018, focusing on showing the number of participants to 3 main schemes.

These major three schemes are as follows

  • Employees’ Provident Fund (EPF) Scheme,
  • Employees’ State Insurance (ESI) Scheme,
  • and the National Pension Scheme (NPS).

Key Statistics in the report by MosPI

  • As per the survey, 8.2 lakh new members entered the EPF pension fund in January 2021, falling from 8.47 lakh in December 2020.
  • 4,03,28,543 new subscribers registered the EPF scheme between September 2017 and January 2021.
  • In January 2021, 53,297 new subscribers registered NPS, a small reduction from 53,040 the previous month.
  • Between September 2017 and January 2021, 24,15,135 new subscribers registered and applied to the NPS national government, state government, and commercial programs.

Now it’s time to have a brief look at the ESI Scheme. We will also look at the Benefits of this scheme so you can easily reap the benefits of ESIC Registration.

Acknowledge the ESI Scheme

Employees State Insurance (ESI) is social security and health insurance scheme.  It gets funds from the Indian employees as well as employers.

Under Section 2A of the Act and Regulation 10-B, it is the employer’s legal duty to register their factory/ business under the ESI Act within 15 days of the date of its applicability to them.

Important Note: Any factory and specified establishment with ten or more permanent employees and monthly wages of less than Rs. 21,000/- is required to register for ESI.

The Features of ESIC Registration

  • If an employee dies while on the job, 90 per cent of their income is paid to their dependents (family) every month after they die.
  • The same laws apply in the event of an employee’s injuries.
  • The ESIC Scheme Registration also provides expenses associated with the funeral and for elderly healthcare.
  • In the instance of a verified disability continuing 91 days in a calendar year, the government will pay 70 per cent of the cost of sickness insurance (in the form of salary).
  • It also provides medical benefits to employees and their family members.
  • Pregnant mothers also get maternity allowance or paid leaves under this scheme.

New EPF Rules: How EPF Contributions Will Be Taxed Now

In case, you need any kind of direction connected with the EPF Registration, please feel free to communicate with our business advisors at 8881-069-069.

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