Different between organize and unorganized money market
Answers
Answer:
The organized market is the one that is combined with the relevant administration or government and comprehends its rules and regulation. On the other hand, the unorganized market is not associated with the government and therefore, no rules are expected to be followed.
Definition of Organised Sector
The sector, which is registered with the government is called an organised sector. In this sector, people get assured work, and the employment terms are fixed and regular. A number of acts apply to the enterprises, schools and hospitals covered under the organised sector. Entry into the organised sector is very difficult as proper registration of the entity is required. The sector is regulated and taxed by the government.
There are some benefits provided to the employees working under organised sector like they get the advantage of job security, add on benefits are provided like various allowances and perquisites. They get a fixed monthly payment, working hours and hike on salary at regular intervals.
Definition of Unorganised Sector
The sector which is not registered with the government and whose terms of employment are not fixed and regular is considered as unorganised sector. In this sector, no government rules and regulations are followed. Entry to such sector is quite easy as it does not require any affiliation or registration. The government does not regulate the unorganised sector, and hence taxes are not levied. This sector includes those small size enterprises, workshops where there are low skill and unproductive employment.
The working hours of workers are not fixed. Moreover, sometimes they have to work on Sundays and holidays. They get daily wages for their work, which is comparatively less than the pay prescribed by the government.
Explanation: