Wednesday, Oct 5 2022 | Time 13:45 Hrs(IST)
Business Economy

India Inc pushes to formalise their workforce

Mumbai, Sep 22 (UNI) FMCG, FMCD and Healthcare & Pharmaceuticals sectors highlight that 59 per cent of companies across the aforementioned industries intend to formalise their informal workforce, a report stated on Thursday.
The survey, conducted with 230 employers across these sectors, revealed that over 90 per cent of the workforce in the country is still informal and challenge is to manage wages, skill gaps and absentia, a release issued here.
The study highlights that 31 per cent employers acknowledge that informal workers face many limitations due to absence of social security, on the other hand, 21 per cent believe that wages are low and 25 per cent cite that there is lack of medical and leave benefits, said Balasubramanian A, vice-president and Business head – Consumer and Healthcare, TeamLease Services, in the release.
As 65 per cent of companies feel that managing an informal workforce is challenging, a majority of companies, about 56 per cent, are prioritising formalisation with third-party payroll.
While 64 per cent of companies have already initiated major steps and 67 per cent are planning to implement within the year, the release added.
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