1 min read.Updated: 14 Jun 2019, 07:47 PM ISTLivemint
To really cash in on the country’s so-called democratic dividend, providing employment for India’s youth bulge is the state’s biggest challenge
The Narendra Modi government has been seen as lagging in its efforts to generate employment. However, its latest step, announced late on Thursday, of lowering of the salary contribution of both industrial workers and employers towards the Employees’ State Insurance Scheme (ESI) from 6.5% to 4%, the first such reduction in two decades, could be one in the right direction. The ESI, administered by the Employees’ State Insurance Corporation, applies to organizations with 10 or more employees and provides medical, cash, maternity, disability and dependant benefits to employees drawing a salary of up to ₹21,000 per month. A large chunk of the medium and small-scale enterprises (MSMEs), which collectively form the country’s biggest employers, fall in the bracket.
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