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

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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.

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Bella Hadid Doubles Down on Her Favorite Heel Trend

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Long before designer heels became a fashion staple, high heels were a status symbol reserved for the elite. In the 17th century, King Louis XIV famously strutted through Versailles in red-bottomed shoes, signaling privilege and power. Today, a different kind of style royalty is making her mark with a signature heel preference—Bella Hadid.

Known for her trendsetting style, Hadid has been spotted repeatedly embracing a particular heel trend: sleek, pointed-toe stilettos. Whether she’s attending high-profile events or walking the streets of New York, her footwear choices consistently exude sophistication and edge. From patent leather pumps to sculptural heels with a modern twist, she proves that a classic silhouette can still feel fresh and contemporary.

With Y2K nostalgia in full swing, heels reminiscent of early-2000s fashion are making a major comeback. Strappy stilettos, kitten heels, and sculptural mules are dominating runways and street style alike. Bella Hadid, always ahead of the curve, has solidified her place as a style icon by embracing these trends with effortless confidence.

Whether she’s reviving vintage-inspired heels or stepping out in avant-garde designs, one thing is clear: Bella Hadid knows how to make a statement from head to toe.

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Invest in Your Career (and Yourself) With a Chic New Work Bag

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If the fashion industry has shown us anything this season, it’s that working women are redefining corporate chic. Whether it’s Aritzia’s Work Wardrobe campaign featuring model Alex Consani or Stella McCartney’s Fall/Winter 2025 show injecting new life into office attire, one thing is clear: dressing like a boss is in.

Of course, no power look is complete without the perfect work bag. From structured totes to sleek crossbodies, a fashion-forward yet functional bag is a must-have for conquering the 9-to-5 in style. Whether you’re heading to the office, commuting, or working remotely from your favorite café, these 12 editor-approved work bags will have you looking polished and put together.


  1. Jacquemus Turismo Bowling Bag

The Jacquemus Turismo bag has been making waves among fashion influencers—and for good reason. Inspired by the classic bowling bag, this structured yet stylish piece is crafted from grained calfskin leather, making it both durable and chic.

Dimensions: Height: 6.3 inches; Width: 9.8 inches; Depth: 4.3 inches

Colors: Black, Green

Material: Grained Calfskin Leather


  1. Ferragamo Hug Bag

The Ferragamo Hug Bag is a favorite among minimalists. With its sleek curved silhouette and understated elegance, this bag transitions seamlessly from boardroom meetings to after-work drinks.


  1. Tory Burch Romy Tote

A classic tote with a modern twist, the Tory Burch Romy Tote is spacious, structured, and endlessly versatile. Designed for professionals on the go, it fits a laptop, planner, and daily essentials with ease.


  1. Prada Galleria Bag

If you’re looking to invest in timeless elegance, the Prada Galleria Bag is a luxury staple that never goes out of style. With its iconic silhouette, saffiano leather, and multiple compartments, it’s both practical and polished.


  1. Cuyana System Tote

For those who value functionality and sustainability, the Cuyana System Tote is a minimalist dream. Made from Italian leather and featuring modular compartments, this tote adapts to your workday needs.


  1. Saint Laurent Sac de Jour

The Saint Laurent Sac de Jour is structured, sophisticated, and effortlessly chic. It’s the ultimate power bag, perfect for making a statement at client meetings and business lunches.


  1. Mansur Gavriel Soft Lady Bag

For a softer take on office style, the Mansur Gavriel Soft Lady Bag offers a slouchy yet structured look. Made from buttery Italian leather, this bag pairs well with both tailored suits and relaxed separates.


  1. Bottega Veneta Arco Tote

The Bottega Veneta Arco Tote blends craftsmanship with contemporary design. Featuring the brand’s signature intrecciato weave, this bag is an artful yet practical choice for the modern professional.


  1. Telfar Large Shopping Bag

Dubbed the “Bushwick Birkin,” the Telfar Large Shopping Bag is a cult-favorite tote that’s both stylish and functional. With plenty of room for daily essentials, it’s a great pick for those who want a trendy yet practical work bag.


  1. Senreve Maestra Bag

The Senreve Maestra Bag is a convertible carryall that can be worn as a handbag, shoulder bag, crossbody, or backpack. Made from scratch-resistant Italian leather, it’s perfect for commuters and multitaskers.


  1. DeMellier Vancouver Bag

For those who appreciate understated luxury, the DeMellier Vancouver Bag offers a timeless silhouette with a modern touch. Handcrafted in sustainable leather, this bag is both eco-friendly and elegant.


  1. Strathberry Midi Tote

The Strathberry Midi Tote is a celebrity favorite, known for its structured design and signature bar closure. With its sleek aesthetic and ample storage space, it’s a stylish addition to any work wardrobe.

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Sarah Burton’s Givenchy Debut: A New Era Through the Female Gaze

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Sarah Burton has officially redefined Givenchy. In her Fall 2025 debut at Paris Fashion Week, the former Alexander McQueen creative director brought a feminine perspective to the legendary house, embracing strength, vulnerability, and emotional intelligence. This moment felt significant—not only because of Burton’s storied past but also because so few women currently helm major luxury brands.


A Tribute to Givenchy’s Heritage

Burton’s inspiration came from Hubert de Givenchy’s 1952 debut collection, known for its clean, graphic silhouettes. A recent discovery of the maison’s archival calico patterns further fueled her vision, leading to designs that balanced wearable ease with dramatic, couture-like elements.

The show opened with a black fishnet catsuit, a bold reset before transitioning into the essence of Burton’s Givenchy—a collection that honored the past while embracing modern femininity.


Key Looks & Defining Elements

Oversized Suits with Cinched Waists → A powerful balance of structure and fluidity.

Sleeveless Dresses with Ruffled Hemlines → Adding movement and drama to everyday elegance.

Cocoon-Like Coats & Jackets → Featuring rounded, puffed-up shoulders, nodding to Givenchy’s classic volume play.

Body-Diverse Runway Casting → One of the few Paris shows this season to feature a range of body types, reinforcing Burton’s commitment to dressing real women.


A New Vision for Modern Women

Burton’s Givenchy is about more than just clothes—it’s about how women want to feel: powerful, sexy, vulnerable, and strong, all at once. Her debut collection wasn’t just a runway success—it was a statement on the future of fashion, where femininity is both celebrated and redefined.

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