logo
20L formal job additions reported in May; surge spans gender, sectors & regions: EPFO

20L formal job additions reported in May; surge spans gender, sectors & regions: EPFO

Time of India3 days ago
EPFO
India's organised sector witnessed its strongest monthly expansion to date in May, with Employees' Provident Fund Organisation (EPFO) reporting net payroll additions of over 20 lakh, the highest since formal tracking began in April 2018, provisional data from labour ministry showed on Monday.
The surge spans gender, sectors and regions, underscoring steady formalisation of the workforce.
Union labour and employment minister Mansukh Mandaviya described the milestone as "a testament to the growing strength of India's formal employment landscape". He credited it to "the direct result of PM Narendra Modi's visionary leadership and govt's unwavering commitment to pro-youth, pro-worker reforms", adding that "ease of doing business and economic empowerment is yielding tangible outcomes for a Viksit Bharat".
Women's participation in the formal workforce also saw strides, with net female payroll additions reaching 4,25,000, marking a 7.5% increase over April and a 15% year-on-year rise. First-time formal job entrants numbered 9,42,000, up from 8,49,000 in April, driven largely by youth - workers aged 18-25 - who accounted for 8,73,000 net additions amid a 15.1% month-on-month rise. Job-switchers who transferred their EPFO accounts without withdrawing funds totalled 16 lakh in May, rising 2.1% from April and 14.3% from last year.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
We Have No Words For Dog The Bounty Hunter's Transformation
Cash Roadster
Undo
The ministry noted that such behaviour "safeguards long-term financial well being and extends their social security protection".
Sector-wise, manpower suppliers led with around 4,63,000 hires, followed by expert services at 1,38,000. Industries spanning textiles, garments, security, contracting, engineering, cleaning and finance contributed significantly, collectively supporting the surge. Regionally, Maharashtra led the pack by contributing 20.3% of net additions, with Karnataka, Tamil Nadu, Gujarat, Haryana, Delhi, Uttar Pradesh and Telangana each delivering over 5%.
Together, the top five states and UTs accounted for nearly 60% of national payroll growth.
May's historic payroll figures reflect more than seasonal hiring - it signals an evolving economic structure where formal employment, especially among youth and women, is gaining traction. The sharp rise in first-time entrants and account portability suggests enhanced job confidence and workforce fluidity. Still, sustaining this momentum hinges on ensuring the longevity and quality of these emerging formal jobs, requiring stronger skill development and social protection frameworks to translate job numbers into secure, resilient livelihoods across the economy.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Amit Shah unveils National Cooperative Policy 2025 in Delhi
Amit Shah unveils National Cooperative Policy 2025 in Delhi

Hindustan Times

time21 minutes ago

  • Hindustan Times

Amit Shah unveils National Cooperative Policy 2025 in Delhi

Union home minister and minister of cooperation Amit Shah on Thursday unveiled the National Cooperative Policy 2025, which he said would play a key role in achieving the goal of Viksit Bharat by 2047, create large-scale livelihood opportunities, and ensure development at the grassroots level by bringing over 500 million citizens under its ambit. Union home minister Amit Shah addresses a gathering during the unveiling of the National Cooperation Policy-2025 in New Delhi on Thursday. (ANI) He explained that the mission of the policy is to promote small cooperative units that are professional, transparent, technology-enabled, accountable, economically self-reliant, and successful — and to ensure at least one cooperative unit is established in every village. Shah said that the new cooperation policy is a historic step toward fulfilling Prime Minister Narendra Modi's vision of 'Sahkar Se Samriddhi' (prosperity through cooperation). Shah said that at the core of the cooperation policy are villages, agriculture, rural women, Dalits, and Tribals. 'In 2002, the then government had brought in the cooperative policy for the first time. It was the BJP government under Atal Bihari Vajpayee. Today, in 2025, the new policy has also been brought by the Narendra Modi-led BJP government. PM Modi has set a goal of making India the third-largest economy in the world by 2027. India also holds responsibility of inclusive growth for 1.4 billion citizens. This is why, after 75 years of Independence, the cooperative ministry was set up by the PM,' he said during the launch of the policy. The objective of the policy is to make cooperative institutions inclusive, manage them professionally, prepare them for the future, and create large-scale employment and livelihood opportunities, especially in rural India, he said. 'By 2034, the National Cooperation Policy aims to triple the cooperative sector's contribution to GDP, bring 50 crore active members into the fold, and connect youth with employment opportunities,' he added. 'In the last four years, the cooperative sector has been at par with the corporate sector at all levels, whether it is related to priority, taxation, or developmental funds for the sector. There was a time, sometime in 2020, when many experts had said that this is a dying sector. The same people now tell me that this sector has a future,' he said, adding that only the cooperative sector has the capacity to develop the nation's economy inclusively with contributions from all 1.4 billion citizens. The policy was prepared by a 48-member national-level committee headed by former Union minister Suresh Prabhu. This committee comprised members from national/state cooperative federations, cooperative societies at all levels and sectors, representatives of the relevant central and state government ministries/departments, and academicians. Shah said that the end of 2025, there will be a remarkable start related to cooperatives in the taxi and insurance sector. 'There will be a mechanism in which the profits will directly go to the driver,' he said. Shah said that by 2047, every village will have at least one cooperative unit. He said that the ministry has used data to classify villages into different grades for implementation of the policy. This, he said, would ensure that gaps are identified and there is equal growth and development across the country. 'There can't be a situation where the cooperative sector in one state is excellent, average in another, and below par in another state. We have prepared a road map to ensure the development in the cooperative sector is equal in all states. Based on data bank, we have graded them. There will be monitoring to see what states in each sector require. How can one state strengthen the other? We are working to open cooperatives in new sectors. This policy is far sighted and results-oriented. This has been prepared keeping in mind the needs and challenges of the mid-21st century. This is a member-centric model, the growth of the member is fundamental,' he said. 'There won't be any panchayat where there is no cooperative. The cooperative societies at every level - grain, state or national - will be prepared for the challenges of the future…Cooperative societies will also be established in sectors like tourism, taxi services, insurance, and green energy through the National Cooperation Policy,' he said adding that the government under the new policy has key objective of having a 30% increase in the number of cooperative societies and the establishment of at least one cooperative society in every village.

India secures freer access to UK market in landmark deal
India secures freer access to UK market in landmark deal

Hindustan Times

time23 minutes ago

  • Hindustan Times

India secures freer access to UK market in landmark deal

Indian professionals will gain freer access to the UK and British exporters secure easier entry to India's vast market through dramatic tariff cuts under a comprehensive trade deal signed between Prime Minister Narendra Modi and his UK counterpart Keir Starmer on Thursday, hailed by both as a landmark partnership for shared prosperity. Jonathan Reynolds, UK business and trade secretary, Narendra Modi, India's prime minister, Keir Starmer, UK prime minister, and Piyush Goyal, India's commerce and industry secretary, left to right, during a news conference after signing a free trade agreement at Chequers near Aylesbury, UK, on Thursday. (Bloomberg) The pact will boost two-way commerce by $35 billion in the long run and the two sides also unveiled plans to negotiate a Double Contribution Convention (DCC) that exempts employers of Indian workers from paying social security contributions in the UK for three years in what is expected to particularly help finance and technology sector workers. They will also work on a Defence Industrial Roadmap for closer cooperation on military hardware. The DCC will come into force alongside the trade deal. In London, Modi described the deal as 'not just an economic partnership, but a plan for shared prosperity' that will benefit India's youth, farmers, fishermen and MSME sector. Starmer said the agreement is the 'biggest and most economically significant trade deal' concluded by the UK since leaving the European Union (EU) in 2020 and also 'one of the most comprehensive deals' by India. India and Britain finalised the Comprehensive Economic and Trade Agreement in May after more than three years of negotiations, and the pact was signed by commerce minister Piyush Goyal and his UK counterpart Jonathan Reynolds during Modi's visit to Britain. With the economic turmoil unleashed by US President Donald Trump's tariffs as the backdrop, both sides overcame long-standing differences on issues such as levies on British alcohol and automobiles, which are set to drop. Duties on British whisky imports drop from 150% to 75% immediately, falling to 40% over 10 years. UK automotive exports will see tariffs reduced from up to 110% to 10% under quota arrangements. The gains for both sides, however, are much broader with the UK eliminating tariffs on 99% of Indian exports (up from roughly 65% that previously enjoyed zero or near-zero duties). Speaking at a media interaction with Starmer, Modi said: 'On the one hand, Indian textiles, footwear, gems and jewellery, seafood and engineering goods will get better market access in the UK. New opportunities will be created in the UK market for India's agricultural produce and processed food industry.' He added, 'On the other hand, products made in the UK, such as medical devices and aerospace parts, will be available to the people and industry of India at accessible and affordable rates.' The DCC, Modi said, will give new energy to the services sectors of both sides by boosting the ease of doing business. 'Along with this, the UK economy will get Indian skilled talent,' he said. He added that the deal between two democratic countries and major economies will strengthen global stability and prosperity. Starmer said that apart from benefiting whisky distillers in Scotland and the services sector in London, Manchester and Leeds, the deal will bring down prices on Indian goods such as clothes, shoes and food. 'It will add about £4.8 billion to the UK economy every year and £2.2 billion to wages and hundreds of millions of pounds to regions and nations up and down the UK,' he added. The India-UK Vision 2035, aimed at renewing the bilateral comprehensive strategic partnership, will serve as a roadmap for a reliable partnership in technology, defence, climate, education and people-to-people connect, Modi said. The two sides will also work to strengthen their Technology Security Initiative, launched a year ago to drive cooperation in telecom, critical minerals, IA, semiconductors, quantum computing and biotech. Key beneficiaries of the deal announced on Thursday include India's textiles and clothing sector, where complete tariff elimination from the current 12% level will enhance competitiveness against Bangladesh and Vietnam. Processed food exporters will see duties fall from as high as 70% to zero on 99.7% of tariff lines, while marine products will enjoy zero duties down from 20%. In the services sector, Indian service providers are expected to benefit from opportunities in the UK, especially in management consultancy, computer-related services and education services. The deal also eases mobility for Indian professionals, including contractual service suppliers working on projects in the UK, yoga instructors and chefs. 'Along with this, the UK economy will get Indian skilled talent,' Modi added. The inclusion of a first-of-its-kind trade and gender chapter in the trade deal is aimed at empowering Indian women and ensuring gender inclusion, with targeted support for women-led enterprises and workers. The FTA excludes India's most sensitive agricultural segments, with no tariff concessions on dairy products, apples, oats and edible oils. These exclusions, the officials said, reflect India's calibrated trade strategy that prioritises food security, domestic price stability and protection of vulnerable farmers. The deal's sanitary and phytosanitary (SPS) measures will help Indian exporters meet British standards and reduce rejections, the officials said. In return, India has reduced average tariffs on UK exports from 15% to 3%. 'Products made in the UK, such as medical devices and aerospace parts, will be available to the people and industry of India at accessible and affordable rates,' Modi said. India-UK trade in goods and services was worth $57.8 billion in 2024, an increase of 8.3% from 2023, with India ranking as Britain's 11th largest trading partner. India's imports from the UK amounted to £17.1 billion while exports to the UK were worth £25.5 billion. Total bilateral trade in goods was worth £17.8 billion, while services trade amounted to £24.8 billion, with India accounting for 2.4% of the UK's total trade. The deal is projected to see India's agricultural exports rise by 20% in the next three years. Officials said the benefits for Indian farmers in UK markets will match or exceed those enjoyed by exporters from Germany, the Netherlands and other EU members. 'This agreement establishes a modern, forward-looking partnership that will stimulate innovation, ease market access and foster investment,' said Sunil Bharti Mittal, chairman of Bharti Enterprises and co-chair of the India-UK CEO Forum, who led a 16-member Indian business delegation.

Asian stocks dip, breaking longest winning streak; S&P 500 notch record closing highs - Fed uncertainty weighs on global sentiment
Asian stocks dip, breaking longest winning streak; S&P 500 notch record closing highs - Fed uncertainty weighs on global sentiment

Time of India

time27 minutes ago

  • Time of India

Asian stocks dip, breaking longest winning streak; S&P 500 notch record closing highs - Fed uncertainty weighs on global sentiment

Asian markets opened lower on Friday, ending their longest winning streak since January, as investor sentiment took a hit amid growing uncertainty over potential US Federal Reserve rate cuts. Shares in Japan and Australia declined, while South Korea edged slightly higher. With Japan's trade agreement with the US temporarily settled, market focus shifted to the European Union's efforts to reach a deal with Washington to avert new US tariffs ahead of next week's deadline. Wall Street hit new highs on Thursday, with the S&P 500 posting its 10th record in 19 sessions, driven by technology sector gains, despite broader market weakness with most constituent stocks declining. The Dow Jones fell 316.20 points (0.70%) to 44,694.09, the S&P 500 edged up 4.48 points (0.07%) to 6,363.39, and the Nasdaq gained 37.94 points (0.18%) to finish at 21,057.96. US Treasury bonds maintained their losses, with two-year bond yields at 3.91%. The US dollar strengthened, continuing its upward movement from Thursday. The S&P 500 has increased 28% since its April lows, as investors became more confident about limited economic impact from President Donald Trump's tariff policies, Bloomberg reported. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search Ads Search Now Undo Recent robust employment data reduced expectations for immediate Fed rate cuts before next week's central bank meeting. Following six consecutive weeks of declining jobless claims, traders adjusted their projections to fewer than two rate reductions this year. Technology shares advanced Thursday, supported by strong Alphabet Inc. results, reinforcing confidence in artificial intelligence benefits for US technology companies. Nvidia Corp reached new price levels. US equity futures rose early Friday following Intel Corp.'s positive revenue guidance. Trading specialists at Goldman Sachs Group Inc. and Citadel Securities are advising clients to secure affordable protection against potential US stock market declines, citing various risks to current market highs. Additionally, Trump indicated that removing Fed chair Jerome Powell was not "necessary" after visiting the central bank's premises. Key market figures as of 0230 GMT: Tokyo (Nikkei 225): Down 0.6% at 41,570.24 Hong Kong (Hang Seng): Down 0.7% at 25,487.95 Shanghai (Composite): Down 0.2% at 3,597.77 New York (Dow Jones): Down 0.7% at 44,693.91 (previous close) London (FTSE 100): Up 0.9% at 9,138.37 (previous close) Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store