2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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13.7
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28.6
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19.5
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20.4
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Detailed explanation-1: -About 90% of people work in the informal sector. Only 4% of the employed population works in formal sector, having job security and pension.
Detailed explanation-2: -"Broadly, the EPFO data covers the low paid workers in medium and large establishments of the formal sector. The net addition in EPFO subscriptions is an indicator of the extent of formalisation of the job market, and the coverage of social security benefits to the organized/ semi-organized sector workforce.
Detailed explanation-3: -The primary sector employs the largest portion of the Indian population. The primary sector predominently comprises the agricultrual sector.
Detailed explanation-4: -Formal employment is created through contractual arrangements between an incorporated company and an individual employee. In developed economies, many sectors of the economy, such as the extractive industry, manufacturing, and provisions of services, are typically part of the formal economy.