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Difference Between Formal And Informal Sector

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Literature Review. My literature review will discuss research which is investigating the hypothesis: “Informal economic activities in a city have distinct characteristics compared to the formal sector. Informal activities provide a good source of income and contribute to the economy.” I will assess statistical and factual based evidence in order to either prove or disprove the hypothesis and further my understanding. Formal sector: The formal sector, it is a system of employment with distinct rules and regulations and a common understanding or agreement of the job requirements, working hours as well as the amount of the fixed monthly salary and offered benefits that are all bonded together between the employer and the employee through a legal document known as a contract. A formal sector is defined as “a sector which encompasses all jobs with normal hours and regular wages, and is recognised as income sources on which income taxes must be paid.” (www.businessdictionary.com) Informal sector: The informal sector is a system of employment that does not abide by any form of legal requirements, generally it is defined by workers in the employment systems that are self-employed and or works for those who are self-employed. These workers are not a part of a payroll scheme and therefore do not pay income tax or value added tax. The workers in this sector do not get the security of a fixed monthly salary and are not offered similar benefits of the employees in the formal sector.

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