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Global Silk Market is Expected to Grow at a CAGR of 7.8% From 2016-21

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Silk is being used in textile, cosmetic, and medical industries due to which it is seeing a boom in its demand across the globe. One of the major factors for its rising need is its high usage in the textile industry. Owing to this, there is an introduction of a variety of silk clothing products into the market for both men & women.

According to MarketsAndMarkets, the global silk market is estimated to reach the value of USD 16.94 billion by 2021. It is expected to grow at a CAGR of 7.8% during the forecast period, 2016-21. As per the available data, the market value stood at USD 10.1 billion in 2015.

Silk clothing is now becoming very popular among both men and women. Since silk clothes give immense comfort to people, they consider them to wear at home. Especially, silk sleepwear products are becoming popular among both men and women.

It is one of the major reasons for the rising demand for silk. Hence, there is a boom in the growth of the global silk market. The growing application of silk in Textile is booming its demand. Silk has a lustrous appearance, luxurious feel, resilience, strength, and lightweight.

Due to this, silk is used to make various clothing products. One of the common applications of silk is to make silk pajamas. The popularity of men silk pajamas is growing immensely due to the comfort they offer in both summers and winters.

Silk offers more comfort to a person than other fabrics such as cotton and flannel. Due to this, it is extensively used in the textile sector. Silk helps a person to sleep well at night and it also offers skin benefits. Hence, it is enjoying more demand than ever in the textile industry.

The technological revolution is also a major factor responsible for the growth of the global silk market. It is also contributing to a boom in the growth of the silk clothing market at a global level. Due to technology, it is quite possible to speed up the production of silk in the textile industry.

Owing to this, many clothing brands are selling silk clothes for both men and women. As a result, it has contributed to the origination of many online silk clothing stores across the globe. All this is leading to a boom in silk production and its use in the textile industry.

Silk has a good absorbency due to which clothes made of silk are suitable to wear for everyone. Especially, men and women can find comfortable silk clothes for the summer. Apart from this, silk has a low conductivity that keeps the skin warm during cold weather.

Due to the growing awareness about the benefits of silk, people of all age groups are now opting for silk clothing products with unique designs. Hence, the production of silk is seeing a good hike across the globe.

Apart from clothing products, silk is being used in creating many home decor items. It is the unique qualities of silk that make it suitable to make curtains, bedsheets, pillows, upholstery, throw covers, and wallpapers. The use of silk in making such items gives them an elegant and luxurious finish.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Why Multi-Province Payroll Compliance Is the Hidden Challenge Canadian SMBs Face and How Folks Solves It

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Photo courtesy of: Folks

Byline: Shem Albert

Running payroll in Canada can feel like crossing a country stitched from many different fabrics. Each province weaves its own pattern of tax rules, leave policies, and benefit requirements, creating a landscape where a single misstep can ripple through every paycheck. For small and mid-sized businesses, the challenge often remains hidden until growth pushes hiring beyond provincial borders or brings remote workers into the fold. What seems like a routine back-office task quickly becomes a test of accuracy, timing, and local knowledge. This is the gap that Folks set out to close, offering a way for employers to navigate Canada’s regulatory patchwork without slowing their momentum.

Provincial Rules Add Complexity

Canada’s payroll environment varies sharply by province. Federal rules set the foundation, but provincial tax rates, deductions, statutory leave entitlements, and benefit premiums add layers of complexity that employers must monitor carefully. Small and mid-sized businesses with staff across provinces or remote employees face different tax tables, reporting deadlines, and leave calculations that directly affect pay accuracy and remittance schedules.

Folks built its payroll module to address these differences. The platform calculates the correct provincial tax rates and deductions for each employee, applying updates automatically so employers avoid misapplied withholdings or late filings. Multi-location tax management allows a company with workers in Ontario, Quebec, or several other provinces to process payroll without creating separate accounts for each jurisdiction. Bilingual functionality in English and French and secure Canadian data hosting support compliance while keeping employee records accessible across language and regional boundaries.

Unified Records Improve Accuracy

Payroll errors often stem from mismatched employee data. Changes in pay rates, banking details, or benefits eligibility may not align between HR and finance systems, creating incorrect deductions or delayed payments. Smaller teams juggling separate platforms spend valuable hours reconciling information instead of focusing on strategic work.

Folks resolves these issues by combining HR and payroll in one platform. Updates to wages, hours, or tax information entered on the HR side flow directly into payroll without re-entry. This single, verified record strengthens the accuracy of every payroll run and ensures employees receive the correct pay and deductions. By removing the need for repetitive administrative work, HR staff can redirect their time to tasks that support growth and employee engagement.

Automation Keeps Provinces in Step

Each province sets its own requirements for holiday pay, pay frequency, and statutory benefits, making manual calculations both time-consuming and error-prone. Businesses that expand or hire remote employees must keep pace with shifting provincial regulations or risk penalties and audit issues.

Folks address these demands with automation designed for Canada’s regulatory landscape. Pay statements, deduction calculations, and custom pay schedules follow the applicable provincial rules without extra configuration. The system’s automated updates mean that a company hiring staff in British Columbia or Quebec can meet local payroll standards without adding new layers of setup or monitoring. Employers gain the ability to expand into new regions while maintaining accurate, on-time pay.

Reporting Strengthens Compliance

Changing tax rates and reporting requirements require ongoing attention from HR and finance teams. Companies that rely on disconnected systems risk missing a provincial update or submitting incorrect remittances, which can lead to fines and interest charges.

Folks provides detailed reporting tools that compile payroll, deductions, and benefits information across all locations. Employers can generate clear remittance and deduction summaries, simplifying the process of meeting provincial filing requirements. For organizations that want additional guidance, Folks also offers a payroll management service that brings in-house specialists to assist with configuration, compliance, and regular updates. These reporting features help companies stay audit-ready and avoid costly compliance gaps.

Scalable Payroll for Expanding Businesses

Many small businesses begin in a single province, where local tax and payroll demands can be learned over time. Growth into new provinces or the decision to hire remote staff adds a level of complexity that manual processes cannot handle efficiently. Errors multiply, compliance risks rise, and payroll teams spend more time correcting mistakes than supporting expansion plans.

Folks provides payroll that scales with company growth. Provincial tax logic, automated deductions, bilingual support, and secure Canadian data storage are built directly into the platform. By maintaining an accurate employee record and applying province-specific rules automatically, the system allows Canadian SMBs to expand with fewer administrative surprises and more predictable payroll operations. Companies gain the stability of compliant payroll across provinces while controlling the time and costs that typically accompany multi-jurisdiction growth.

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