Latest news with #ESI
Yahoo
5 hours ago
- Business
- Yahoo
Latest Eastbridge report examines market potential for voluntary sales
Large percentage of employees in many highly populated states lack voluntary coverage AVON, Conn., July 22, 2025 /PRNewswire/ -- Large states already generating high voluntary benefits sales may still offer strong market opportunities, according to Eastbridge Consulting Group's new "U.S. State ESI and EPI Data for 2024"report. The report shows many states producing some of the country's highest sales and in-force premium are still relatively under-penetrated due to the large number of workers in those states. "Some of the largest, most highly populated states can still offer some of the greatest potential to voluntary carriers," said Danielle Lehman, Eastbridge senior consultant. "For example, California and New York were in the top five in the country in new sales premium last year, but still rank relatively low compared to the number of people employed in those states." The "U.S. State ESI and EPI Data for 2024"report uses state-by-state data on sales and in-force premium reported by voluntary carriers that participate in Eastbridge's survey for its annual "U.S. Voluntary/Worksite Sales Report." The latest version includes state sales data for 42 carriers representing 88% of all voluntary sales last year, and two indexes: Eastbridge Sales Index (ESI) — A state-by-state measure of sales coverage that offers a useful picture of relative sales penetration in contrast to raw sales numbers. Eastbridge Premium Index (EPI) — An overall penetration measure based on in-force premium per employed person by state. The report also includes data by product and employer size. Carriers can use this information to compare their own sales and in-force results to the industry and help identify potential opportunities for growth. The "U.S. State ESI and EPI Data for 2024"report is offered at no charge to all companies that provide annual results by state. All carriers involved in the voluntary/worksite industry are eligible to participate. More information is available on Eastbridge's website or by contacting Eastbridge at info@ About Eastbridge Consulting GroupEastbridge Consulting Group, part of NMG Consulting, specializes in research, consulting and insights for companies in the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at NMG is a consulting firm providing strategic insights and analytics across insurance, wealth management and asset management. It operates internationally offering expertise in business strategy, performance benchmarking and distribution strategies. CONTACT: Ginger BatesEMAIL: gbates@ View original content to download multimedia: SOURCE Eastbridge Consulting Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Deccan Herald
18 hours ago
- Deccan Herald
The missing safeguards in India's workplaces
Three recent events symbolise workers' plight due to a lack of safety at India's workplaces. On June 30, in Telangana's worst industrial mishap, 46 people died, eight are still in hospital, and another eight are still missing, some possibly charred beyond recognition. This human tragedy in an industrial area was caused by the explosion of a reactor in a chemical plant, heard several kilometres away. To call it an accident absolves the management of the neglect of proper maintenance or not adhering to safety protocols. In the same Sangareddy district, 25 workers died within four months in 2024. The cases of injuries or near-fatal cases that have not been reported can only be guessed. But Sangareddy is just an illustrative case, not an isolated one, across the June 7, in the Maharashtra Industrial Development Corporation (MIDC) area near Pirangut on the outskirts of Pune city, 18 workers were charred to death, 15 being women, in a deadly fire in a chemical factory. An investigation by some intrepid labour activists revealed that the workers were not even aware they were handling hazardous chemicals. They were marked by codes masking the true name of the chemicals. It was revealed that the women workers were paid less than minimum wage. The vulnerable are exploited, have job insecurity, and face the most unsafe and risky conditions. This company has been in operation since 2012, but got registered only in 2020. It also managed to obtain an ISO 9001 certification for quality management. No inspector ever visited the factory till this 'accident' happened. This cannot be attributed to the ease of doing business. While EODB has shifted the onus to self-certification on the owners and managers of factories, it surely does not mean complete abdication of inspection, especially of worker safety in hazardous industries. It is made worse by the management's greed and corner-cutting, like disabling safety sensors or running the presses at higher speeds to achieve sales third event is the launch of a report called 'Crushed'. This is India's only long-running, evidence-based report published by Safe In India (SII), an NGO dedicated to improving worker safety in India's manufacturing sector, particularly the automotive and auto-component industry, which accounts for one-third of the manufacturing sector's GDP. SII's work has increased worker awareness about the Employees' State Insurance (ESI) scheme and the ESIC role. Over the past seven years, SII has helped 10,000 workers access ESIC benefits, but this still represents only 40 per cent of the victims. In the last few years, the vendors to the top ten auto brands accounted for the crushed fingers of 2,333 workers. This work breaks the silence around injuries, showing its true scale with official statistics. It also throws up laughable instance, the source of data could be from two arms of the government, the labour ministry and the insurance corporation. In Haryana, routinely, the ministry reports the number of injuries around 40 to 50 per year for several years. But the ESIC claims benefits are going to nearly a thousand workers. And this is with only 40 per cent awareness among workers. It is clear that thousands of workers are getting killed or maimed across the automotive sector, and the official silence must be the Economic Survey of this year has highlighted the issue of workplace safety. It says that Occupational Safety and Health (OSH) regulations are not to be seen as burdensome expenses but as a strategic investment. The SII estimates that the country loses up to 4 per cent of GDP due to neglect of safety. India ranks a low 133 in global labour productivity, and this rank is directly correlated with inadequate OSH standards and poor working conditions. India's rank is significantly below China, Vietnam, and Mexico. Investment in safety and OSH protocols not only improves the life of the worker and her family but raises productivity and morale, and improves the trust between workers and management. For the factories, it reduces absenteeism, medical expenses, and penalties for and lesson from neighbouring Bangladesh is telling. In 2013, an eight-storey building housing garment factories collapsed in the Rana Plaza, killing 1,134 people. This shocking incident led to drastic changes, including the putting in place of the Accord on Fire and Building Safety, which led to the training of 1.4 million workers. It was certainly a factor that increased Bangladesh's garment sector competitiveness, and its exports outpaced even India and Vietnam. Even Chile and Costa Rica experienced strong labour productivity growth due to improved OSH standards and reduced occupational most ironic thing about the provision of workplace injury and death benefits or compensation is this. The ESI scheme was established by the ESI Act of 1948, the same year as the setting up of the National Health Scheme of the United Kingdom. Both aim to provide universal social security and healthcare (in the case of India, to workers, and in the UK, to all citizens). The present reality is that almost all UK citizens have access, and get benefits from the NHS, whereas for the ESI, many workers are not even aware of their rights and benefits. In design, the ESI is one of the world's finest schemes, but in implementation, it falls well way forward is clear. There should be complete transparency in data reporting on accidents and fatalities, making it consistent across ESIC and the Labour Department. Compliance to safety and OSH protocols must be incentive-based. There should be a Public Private Partnership (through NGOs if necessary) to increase worker awareness about rights and safety. Top brands must be made accountable for practices in their vendors, across the supply let us note that worker safety does not merely have an instrumental value but is ultimately a moral and ethical commitment too..(The writer is an economist; Syndicate: The Billion Press)
The Hindu
2 days ago
- The Hindu
TNCSC contract computer operators demand regularisation, basic entitlements
Contract computer operators working under Tamil Nadu Civil Supplies Corporation (TNCSC) have renewed demands for regularisation, citing over 16 years of continuous service without job security, statutory benefits, or basic workplace rights. At a State-level meeting held in Tiruchi on Sunday, the operators passed a resolution pressing four key demands: immediate regularisation of all contract computer operators, provision of basic amenities for women including functional toilets in all godowns, grant of paid maternity leave, and an end to arbitrary and frequent transfers. Operators A. Manivannan from Nagapattinam and S. Sivashanmugamani from Tiruppur said the monthly salary, which began at ₹4,500, was revised to ₹13,648 in March 2022. However, they alleged irregularities in deductions made for Provident Fund (PF) and Employees' State Insurance (ESI), with little transparency or accountability. 'Despite the DMK government's electoral promise to regularise contract workers, TNCSC continues to take a hostile approach. We are denied even casual leave. For women, there is no maternity leave, and basic facilities like toilets are missing in many centres,' said Mr. Manivannan. Workers also alleged that women employees faced arbitrary transfers and punitive actions for minor issues, including discrepancies in attendance records or leave applications. In some cases, they claimed staff were locked out of work without prior notice.
Yahoo
4 days ago
- Business
- Yahoo
Truist Securities Affirms Element Solution's (ESI) ‘Buy' Rating on Expectations of Solid Q2 Results
Element Solutions Inc (NYSE:ESI) is one of the best chemical stocks to buy, according to billionaires. On July 8, Truist Securities reiterated a 'Buy' rating on the stock and a $24 price target. The buy stance is in response to the company's second-quarter pre-announcement. A laboratory technician pouring a specialty blend of industrial chemicals into a beaker. The company expects its second-quarter adjusted EBITDA to come in at $135 million, exceeding the $125 million that Truist Securities had expected. The better-than-expected earnings are driven by strength in the high-margin Electronics business. Additionally, Element Solutions has increased its full-year adjusted EBITDA guidance to between $530 million and $550 million. It is a significant improvement from the previous guidance of between $520 million and $540 million. According to Truist Securities, the company is benefiting from robust growth in data centers and advanced semiconductor packaging. Element Solutions Inc (NYSE:ESI) develops and manufactures specialty chemicals. It provides a range of chemical systems for cleaning, preparing, and protecting metal and plastic surfaces. Its coatings are used in various industries, including automotive, aerospace, and consumer electronics. While we acknowledge the potential of ESI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 12 Best Consumer Goods Stocks Billionaires Are Quietly Buying and Goldman Sachs Penny Stocks: Top 12 Stock Picks. Disclosure: None. This article is originally published at Insider Monkey. newsletter][/daily-newsletter] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hindu
4 days ago
- Business
- The Hindu
ESIC rolls out one-time opportunity for unregistered employers and employees to enrol
The Employees' State Insurance Corporation (ESIC) has rolled out a special initiative offering a one-time opportunity for unregistered employers and employees, including contractual and temporary workers, to enrol in the ESI scheme without facing inspections or demands for past dues. The initiative called SPREE (Scheme for Promotion of Registration of Employers and Employees), which has been active since July 1, 2025, will be on till December 31, 2025. In Karnataka, the ESI scheme is providing social security cover to 35 lakh insured persons and their family members, totalling 1.4 crore beneficiaries registered through 1.87 lakh employers. Addressing presspersons here on Friday, Manoj Kumar, Regional Director, ESI Corporation, Bengaluru, said employers could digitally register their units and employees via the ESIC, Shram Suvidha, and the Ministry of Corporate Affairs portal under SPREE. 'The registration will be considered valid from the date declared by the employer. No inspection or demand will be made for the pre-registration period,' he said. No legal action Mr. Kumar said the scheme would eliminate the fear of retrospective penalties, legal action due to non-registration and backdated dues and simplifies the registration process. Pointing out that the ESI Corporation has also launched/approved a one-time 'Amnesty Scheme 2025', Mr. Kumar said the scheme would help resolve disputes and encourage compliance. 'It offers a window for dispute resolution from October 1, 2025, to September 30, 2026, with an aim to reduce litigation by providing a mechanism for mutual settlements, promoting ease of doing business, and fostering goodwill among the employers, ' he said. Besides, the Employment Linked Incentive (ELI) scheme has been recently approved by the Centre. 'Under this scheme, the first-time employees registered with the EPFO will get one month's wages up to ₹15,000. Besides, employers will be given incentives for two years for generating additional employment. A sum of ₹1,000 to ₹3,000 monthly incentives per new employee with extended benefits for another two years will be given for the manufacturing sector. The benefits of ELI scheme will be applicable to jobs created between August 1, 2025 and July 31, 2027,' he said.
