Statistically Speaking

Future of Flexi Working

02 Jun 2023 00:41 AM IST

According to Suchita Dutta, executive director of ISF, over the last financial year, the Indian staffing industry provided a significant number of first-time entrants to the job market with their very first formal employment opportunity. According to the industry body, flexi staffing has facilitated employment which is adapted to seasonal,

Flexible Employment: Gains vs Losses

02 Jun 2023 00:40 AM IST

According to ISF, flexi staffing as an employment strategy is known to contribute to the formalisation of jobs by reducing the burden on the unorganised sector. Although the industry by nature is organised temporary staffing, it acts as a force multiplier for formal jobs by creating a platform for recognised

Flexi Staffing allows Fluidity in Jobs

02 Jun 2023 00:38 AM IST

Flexi staffing as a workforce strategy has gained momentum globally in recent years. Allowing companies to hire staff on a short-term and project basis, it offers cost-effectiveness and efficiency to the company and flexibility to the individual to work on multiple projects at the same time. The non-binding or short-term

Sectoral Trends: General Drives Demand as IT segment Declines

02 Jun 2023 00:37 AM IST

An overall comparison of flexi staffing workforce shows a 14 per cent growth in 2022-23 but a drop from the more than 21.9 per cent increase in 2021-22. A closer look at the numbers shows that there was a reverse trend seen in the past three quarters, as flexi staffing

Flexi Staffing: A New Chapter in India’s Employment Story

02 Jun 2023 00:36 AM IST

In an economic scenario that is fast transitioning from traditional businesses and occupations to modernised and digitalised ventures and job opportunities, the nature of the interactions between employers and employees has witnessed a landmark shift. From job security and permanence, globalisation, usage of the internet, and increased mobility have opened

Shift to Formalised Employment & Economy

26 May 2023 13:46 PM IST

Formalisation brings numerous benefits, including increased transparency, improved access to credit and insurance, enhanced social security, and more opportunities for professional growth. It helps combat income inequality, as employees receive better wages, benefits, and protection under labour laws. Formalisation also strengthens overall economic stability and contributes to long-term sustainable growth.

Extending Social Security Across Sectors and Occupations

26 May 2023 13:42 PM IST

The surge in EPFO subscribers is not confined to any particular occupational sector and is a positive indication of the growing formalisation of the economy. Previously, a significant portion of the workforce operated in the informal sector, lacking access to social security benefits. The rise in EPFO subscribers from diverse

Younger Generation at the Forefront of Retirement Planning

26 May 2023 13:38 PM IST

Another key aspect to consider is the age breakdown of EPFO subscribers. The data suggests a diverse range of age groups actively engaging in retirement planning through EPFO schemes. The younger workforce has shown a significant inclination towards contributing to the EPF (Employees’ Provident Fund) and other schemes offered by

Shifting Winds of Social Security

26 May 2023 13:34 PM IST

The EPFO caters to workers in medium and large establishments of the formal sector. With 6.9 crore monthly contributors on an average and over 71 lakh pensioners receiving their due every month, EPFO manages a corpus upwards of ₹17 trillion. EPFO’s corpus is a mix of debt investments worth ₹14.46

Growing Gender Parity?

26 May 2023 13:26 PM IST

One noteworthy aspect of the rise in EPFO subscribers is the increasing participation of women in the workforce. Traditionally, women in India have faced barriers to formal employment. However, EPFO payroll data reveals a promising trend as more women are now contributing to their retirement savings through organised channels. This

Surging EPFO Subscribers: A Sign of Formalisation

25 May 2023 22:55 PM IST

The Employees’ Provident Fund Organisation (EPFO) plays a vital role in securing the financial well-being of crores of organised and semi-organised sector employees across India. In recent years, EPFO experienced a remarkable increase in its subscriber base, underscoring a significant trend towards the formalisation of the Indian economy. Between financial

Can state elections victory translate into a national victory?

24 May 2023 03:07 AM IST

The INC’s sweeping victory in the state has certainly boosted its morale not only for the upcoming elections due in Rajasthan, Madhya Pradesh, Chhattisgarh, Mizoram and Telangana later this year, but also for the 2024 national elections. The party currently only has absolute rule over four states in India (the