define formal and informal sector
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Formal sector
this sector mainly includes organisations and companies that are registered under the government.
ex banks.
Informal sector
this sector is comprised of smaller industrial strength and is not registered or affiliated to any government
this sector mainly includes organisations and companies that are registered under the government.
ex banks.
Informal sector
this sector is comprised of smaller industrial strength and is not registered or affiliated to any government
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Formal sectors represent all jobs with specific working hours and regular wages and the worker's job is assured. ... Conversely, informal or unorganized sectors are the ones where the employees or the workers do not have regular working hours and wages and are exempted from taxes.
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