ESIC Data For July Shows Creation Of 14.24 Lakh New Jobs; EPFO Subscribers Rise By 11.61 Lakh In Same Month

The latest payroll data of the Employees’ State Insurance Corporation (ESIC) has revealed that job creation in the formal sector in the country reached 14.24 lakh in the month of July, a considerable rise over the previous month of June when 12.49 lakh jobs were created, reports PTI.

This information comes to light after sluggish GDP growth in Q1 of 2019-20, which had given rise to talks of an ongoing economic slowdown.

Previous data released by the National Statistical Office (NSO) for 2018-19 showed that gross enrollments with the ESIC of new members had reached 1.49 crore in 2018-19. Between September 2017 to March 2018, gross enrollments of new subscribers was 83.34 lakh.

Apart from this, data from the Employees Provident Fund Organisation (EPFO) has also shown growing numbers of new subscribers, with a net positive number of depositors added. 11.61 lakh new subscribers on a net basis were added in July itself, while in 2018-19 the number of net new subscribers was 61.12 lakh.