Question

“It is necessary to generate employment in the formal sector rather than the informal sector.” Justify the given statement with valid arguments.

Hint:

Formal sector employment promotes social and economic inclusion, ensuring better standards of living for workers.

Answer 1

Generating employment in the formal sector is essential for the following reasons: 
Job Security: Formal sector jobs provide job security, fixed wages, and social benefits like pensions and insurance. 
Tax Revenue: Formal employment increases the taxable base, contributing to government revenue for development projects. 
Skill Development: The formal sector focuses on training and skill enhancement, increasing workforce productivity. 
Economic Stability: Stable employment in the formal sector reduces income disparities and ensures steady economic growth.