Despite the increase in the number of new companies during the month of October this year, there has been a decline in new jobs. This has been revealed in the official data of formal employment creation.
ESIC scheme figures
According to the latest data of the Ministry of Labor and Employment, new employment was created in October as compared to the month of September. Jobs decreased. Statistics show that while the number of new subscribers to the Employees State Insurance Corporation (ESIC) scheme in the month of September was 18.9 lakh, the number of people joining the scheme in October was 17.3 lakh. In this way, formal job creation has decreased by more than 1.5 lakh in October as compared to a month ago.
This is how new establishments increased
In terms of formal job creation. This decline has come at a time when an increase in the number of new companies has been recorded during the month of October. Data from the Ministry of Labor and Employment show that 23,468 new establishments were registered under ESIC during the month of October. A month ago i.e. in September, the number of such establishments was 22,544.
Participation of youth has decreased
Participation of youth in terms of new jobs has also decreased in October. According to the data, in the month of October, the share of youth up to 25 years of age in the total employees related to ESIC scheme came down to 47.76 percent. In the month of September, the participation of such youth in the total workforce was 47.98 percent. Of the 17.3 lakh employees who joined in October, the participation of youth was only 8.2 lakh.
Share of women and transgenders
The number of women who joined the ESIC scheme during the month of October was 3.3 lakh. Whereas during this period, 51 transgender employees also joined the ESIC scheme. The ministry says that these figures show the commitment to provide benefits to all sections of the society. The ministry has also added that these figures of job creation are provisional. This means that some changes are possible in the figures when more data comes later.
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