Informal employees prioritising prestige, career potential over wages: Report
informal employees are prioritising factors such as prestige and career potential over wages today, says a Quess Corp report. The report by leading business service provider Quess Corp titled ‘New Collar Generation Report' uncovers the aspirations of India's informal economy post-pandemic.
As per the report, 97 per cent of those informally employed agree that they have a better chance of improving their lifestyle and that of their families with a formal job as opposed to one without a contract. The report is based on interviews with 4,179 respondents of all ages across seven metros: Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune, and seven non-metros: Ahmedabad, Baroda, Coimbatore, Indore, Lucknow, Ludhiana, Nashik conducted between September 2022 and January 2023.
According to the survey, 80 per cent of the informal employees expect their employers to provide them with the security of ESI and other medical bene?ts; the expectation of ESI is even higher for the younger, informal employees. Furthermore, 79 per cent of respondents claim they would compromise on 20 per cent or more of their salary if it provided security and bene?ts equivalent to their formal counterparts.
«The ?ndings of our study offer a clear direction to policymakers on the desires of the informal workforce. With high aspirations regarding skilling, social security, and healthcare bene?ts, India's informal economy is as aspirational to bene?t from EPFO, ESIC, and other social security bene?ts as their formal counterparts.
»Our current laws enable coverage of such social security bene?ts only for organizations that have above 10 or 20 employees. This leaves behind a huge class of citizens that are not bene?tted by these laws," said Lohit
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