Informal Labor Market

The informal labor market refers to jobs that are not officially recognized or regulated by the government. Workers in this market often do not receive benefits like health insurance or retirement plans and may work in areas such as street vending, domestic work, or casual labor. While these jobs can provide necessary income, they often lack job security and legal protections. Understanding the informal labor market is crucial for labor market development, as it highlights the need for policies that support these workers and improve their working conditions, ultimately contributing to a more inclusive economy.