Which of the following statement s is are incorrect related to unorganized sector 1 Factories ...........

Economic Affairs Informal sector

Which of the following statement(s) is/are incorrect related to unorganized sector?

1. Factories Act, Minimum Wages Act, etc are applicable over agricultural labourers.

2. Unorganised sector comprises largest proportion of working population.

3. Job security is not available in unorganised sector.

Select your answer from the codes given below:

1 only

1 and 2 only

3 only

None of the above.

BASIS FOR COMPARISON	ORGANISED SECTOR	UNORGANISED SECTOR
Meaning	The sector in which the employment terms are fixed and employees have assured work is Organised sector.	The sector that comprises of small scale emterprises or units and are not registered with the government.
Governed by	Various acts like Factories Act, Bonus Act, PF Act, Minimum Wages Act etc.	Not governed by any act.
Government rules	Strictly followed	Not followed
Remuneration	Regular monthly salary.	Daily wages
Job security	Yes	No
Working hours	Fixed	Not fixed
Overtime	Workers are paid remuneration for overtime.	No provision for overtime.
Salary of workers	As prescribed by the government.	Less than the salary prescribed by the government.
Contribution to Provident fund by the employer	Yes	No
Increment in salary	Once in a while	Rarely
Benefits and perquisites	Employees get add-on benefits like medical facilities, pension, leave travel compensation, etc.	Not provided.