In August 2020, around 9.3 lakh new subscribers have been added to the social security scheme operated by ESIC, while around 6.7 lakh new subscribers have joined the EPF scheme. The number of new members in both schemes has increased compared to the previous month. In July, around 7.5 lakh new members joined ESIC while around 6.5 lakh new subscribers joined the EPF scheme. Taking the total number of new entrants and those who went out but came back, the number of members in EPF subscribers in August was around 1 million.
It is worth noting that the current wage limit for coverage under the ESI scheme is Rs 21,000 per month and in the case of disabled people Rs 25,000 per month. With this, the scheme is applicable for those organizations which appoint 10 or more employees.
EPF scheme indicates employment in the organized sector
On the other hand, the EPF scheme is a compulsory savings scheme that covers any establishment that employs 20 or more people. The salary limit in this scheme is 15 thousand rupees per month. The ministry said that those who are taking a salary of 15 thousand rupees or more, they are exempt or they can be nominated on the basis of anyone’s permission or voluntary basis. However, the number of members subscribed to this scheme indicates the level of employment in the organized sector.
Meanwhile, to cover more personnel under the ESI scheme, the government today said that now the scheme is being extended to Arunachal Pradesh for the first time. According to the Ministry of Labor and Employment, employees in Arunachal Pradesh will be able to take advantage of the scheme from 1 November 2020. The ESI scheme covers about 3.49 crore family units of personnel and 13.56 crore beneficiaries are provided with cash benefits and proper medical care.
Source: www.financialexpress.com
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