Workers in the unorganized sector face job insecurity, low wages, and lack of social benefits. Providing them with minimum wages, health insurance, and pensions ensures their financial stability. For example, schemes like PM-SYM in India offer pensions to informal workers. Formalizing their employment through laws protects them from exploitation. This not only improves their living standards but also strengthens the country’s workforce and economy.
Read the following sources of loan carefully and choose the correct option related to formal sources of credit:
(i) Commercial Bank
(ii) Landlords
(iii) Government
(iv) Money Lende