list the merits and demerits of informal sector
Answers
Explanation:
The advantages of the informal economy is that it provides income and employment to all people regardless of education, experience etc that a formal economy is deemed to be relying on. Most people who are employed also find themselves engaged in the informal economy to support their living expenses.
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Answer:
Disadvantages of Informal Sector.
Little or no job security.
Unprotected by labour laws.
Odd working hours.
No pension, insurance or health insurance scheme.
Summary dismissals.
Difficult to make any savings due to low wages.
A brief illness or injury or injury can mean no financial means to survive.
Advantages of Informal Sector :
Some employers pay well because company owners do not have many tax obligations. Employee effort is directed towards achieving profit rather than satisfying irrelevant routines.
There can be a close and direct relationship with the employer, therefore making it easy to get permission when in need of time off.
You are saved the hassle of paying Pay As You Earn tax.
There’s no red tape when it comes to dealing with personnel issues which are expressly handled either by the employer him/herself, or a senior manager.
Sometimes employment is done on the spot with little emphasis on attending lengthy job interviews and countless aptitude tests.
Sometimes one is employed because of one’s personal relationship with the employer rather than on merit.