Connect with us

Business

India added 5.2 crore new formal jobs in FY20-23: Report

Published

on

[ad_1]

The economy has added around 5.2 crore new formal jobs between FY20 and FY23, with the net addition being 2.7 crore, according to a report based on an analysis of the EPFO, NPS and ESIC data.

The report also notes a significant decline in revision of the number of members who have rejoined or resubscribed in the first quarter of the current financial year. (File)
The report also notes a significant decline in revision of the number of members who have rejoined or resubscribed in the first quarter of the current financial year. (File)

The government has since April 2018 releasing monthly payroll data from the Employees Provident Fund Organisation or EPFO, the National Pension Scheme or NPS and the Employees State Insurance Corporation or the ESIC, based on the recommendations given by Ghosh & Ghosh report.

The EPFO payroll data trends for the past four years show that net new EPF subscriber addition during FY20-23 was 4.86 crore, which consists of new payroll (first payroll), second payroll (rejoined/resubscribed members) and formalised payrolls.

Accordingly, the net new payroll (first job/fresh job) adjusted for re-joined/re-subscribed members and formalisation (based on ECR data), shows that the actual net new payroll was 2.27 crore during FY20-23, SBI Research said in a report Tuesday.

Of this, the first jobs were 47 per cent of the total net new payroll addition and the second jobs (the exited members who re-joined and re-subscribed) stood at 2.17 crore during these four years. This means that the net increase in formalisation was at 42 lakh in these years, said the report penned by group chief economic advisor to the SBI Soumyakanti Ghosh.

If the Q1 EPFO payroll data of FY24 looked at the trend, it is encouraging as 44 lakh net new EPF subscribers joined, of which the first payroll was 19.2 lakh. If the trend continues for the rest of FY24, then the net new payroll will cross the 160 lakh mark, which will be the highest ever with the first payroll in the range of 70-80 lakh.

NPS data indicate that 8.24 lakh new subscribers in FY23, of which state government payrolls stood at 4.64 lakh, followed by non-government jobs of 2.30 lakh and 1.29 in the central government.

During the past four years, around 31 lakh new subscribers joined the NPS. That means, cumulatively, total payroll generation of the EPFO and NPS was more than 5.2 crore during FY20-23, Ghosh said.

The report also notes a significant decline in revision of the number of members who have rejoined or resubscribed in the first quarter of the current financial year. This would mean more people may be deciding to stick to their current employment.

Additionally, the share of women’s payroll was around 27 per cent.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Vanessa Kirby Personifies Sarah Burton’s Givenchy at the Fall 2025 Show

Published

on

Vanessa Kirby made a striking appearance at Sarah Burton’s highly anticipated inaugural Givenchy runway show for Fall 2025, embodying the essence of the designer’s vision. As a longtime admirer of Burton’s work, the Fantastic Four: First Steps star was eager to witness the debut collection in Paris.

“I really wanted to be here in Paris for Sarah’s first show,” Kirby expressed with enthusiasm. “Sarah has been my favorite designer for years. I absolutely love everything she does—I think she’s a master. She designs clothes truly for women—always extraordinary, feline, and structured in a way that makes you feel so empowered.”

Having collaborated with Burton throughout her tenure at Alexander McQueen, Kirby’s presence at the show was a testament to their ongoing creative synergy. Dressed in a sleek black ensemble with sharp shoulders and a plunging V-neck, Kirby’s outfit embodied Burton’s signature aesthetic: a balance of strength and femininity. “The dress we chose felt very classic—the shape felt architectural and strong, but also daytime and relaxed,” she noted.

Following the intimate runway presentation, Kirby joined an exclusive gathering of fashion and film’s elite at a celebratory dinner honoring Burton’s Givenchy debut. Among the attendees were Rooney Mara, Gwendoline Christie, Raye, Alex Consani, and Yseult, all raising a toast to the designer’s new chapter.

Reflecting on the experience, Kirby shared her admiration for the energy of Paris Fashion Week. “I associate Paris with the amazing shows that happen every year. The shows themselves feel like a real reveal—seeing what Sarah has been working on for months for her first Givenchy collection. Everyone was so excited to see her vision.”

With Burton’s Givenchy era now officially underway, Kirby’s presence at the event was a fitting tribute to the designer’s ability to craft powerful, empowering fashion for the modern woman.

Continue Reading

Business

Zoey Deutch’s Effortless Chloé Look at Paris Fashion Week

Published

on

Paris Fashion Week is in full swing, and Zoey Deutch was among the stars braving traffic and freezing temperatures to attend the highly anticipated Chloé show on Thursday. The event, held at the Tennis Club de Paris, marked creative director Chemena Kamali’s celebration of “soft strength.”

Behind the Scenes: Zoey’s Getting-Ready Process

Before stepping out, Deutch gave ELLE an exclusive look at her transformation into the perfect Chloé-girl—a balance of effortlessness and elegance.

Makeup by Hung Vanngo: Soft, fluffy brown lashes and a rosy blush moment for a natural glow.
Hair by Rebekah Forecast: With her pixie cut growing out, she opted for a loose, undone bun to complement the look.
Accessories: Unable to pick just one statement piece, Deutch embraced gold and seashell accessories, layering a necklace, statement earrings, and rings for a playful yet sophisticated vibe.

The Chloé Aesthetic: Feminine & Free-Spirited

Zoey’s look perfectly embodied Chloé’s signature effortless femininity—a blend of soft, undone beauty and refined details. Despite the cold and the Parisian traffic, she arrived at the show looking polished yet relaxed, proving that true style is all about confidence and comfort.

Continue Reading

Business

Rabanne Fall/Winter 2025: A 1960s Beauty Revival

Published

on

Rabanne’s Fall/Winter 2025 show was a glamorous throwback to 1960s Paris, with big bouffant hair and bold, smoky eyes dominating the runway. The iconic French-girl aesthetic was on full display, blending vintage inspiration with modern edge.

The Makeup: Statement Eyes & Subtle Rebellion

Rabanne Beauty’s creative director, Diane Kendal, crafted a striking yet effortless makeup look that channeled icons like Brigitte Bardot and Catherine Deneuve. Models wore slightly winged, waterline eyeliner and taupe-hued smoky eyeshadow, smudged across the lids and under the eyes for a soft but dramatic effect.

Kendal, known for pushing beauty boundaries, chose to highlight natural skin while focusing on bold eye makeup—a subtle rebellion against the typical all-over glam seen on high-fashion runways. This “done-yet-undone” style perfectly complemented Rabanne’s flamboyant fabrics, sparkles, and sequins.

Hair: The Return of the Bouffant

Fluffy, voluminous bouffants were the crowning statement of the show. The models’ teased, combed-back hair added a touch of vintage glamour, reinforcing the collection’s nostalgic yet playfully modern feel.

Rabanne’s Beauty Revolution

Rabanne Beauty continues to redefine makeup with gender-neutral, statement-making products. The runway featured some of its standout offerings, including:

Shimmer Bomb – An all-over glitter spray for an extra dose of Rabanne’s signature glitz.

Top Coat Mascara – A silver and gold formula that gave lashes a tinsel-like effect.

Continue Reading

Trending