Mumbai, Apr 19 (PTI) Indian Staffing Federation (ISF) on Tuesday said facility management and security services companies will be part of the grouping.

The alignment between the subsects of the manpower outsourcing industry - facility management and security services - is similar and the current representation across the labour market issues impacts each of these sub-segments equally, ISF said in a statement.

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ISF will now represent the interests of around 18.5 million Indian workers, it added.

“This is a step towards driving formal employment in the country through an industry which is growing at a CAGR 18-20 per cent year-on-year (excluding COVID year).

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"Staffing industry is estimated at nearly 3.3 million workforce, which totals nearly USD 10 billion revenue and is estimated to grow to USD 60 billion or Rs 4,50,000 crore at current exchange rates by 2030," ISF President Lohit Bhatia said.

Currently, the staffing members alone contribute nearly Rs 5,000 crore of GST, over Rs 6,700 crore of EPFO, Rs 1,100 crore of ESIC. The expansion will further add more contributions from facility management and security services companies, represented through ISF, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)