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