Economic Survey 2018: Formal jobs far more than current official estimates

Ther are 220 million employees in the economy, out of which 75 million workers enjoying social security benefits

Formal jobs in the economy were far more than what the official estimates available showed, the Economic Survey 2017-18 said.

Using social security and tax coverage as two parameters, the Survey estimated formal sector jobs could range between 31 per cent and 54 per cent of the workforce in non-agricultural sectors.

“These estimates for formal non-farm payroll, ranging from 31 per cent in the case of social security-defined formality and 53 per cent in the case of tax-defined formality, are considerably greater than current beliefs about the size of formal sector non-farm payroll,” the Economic Survey noted.

The Economic Survey