The majority of informal employees (93%) in India claim that if an employer offered them a job with health benefits and formal agreement as opposed to a higher salary without a contract they would take it, reports The Economic Times, citing a study by staffing firm Quess Corp. The study showed that 97% of the informally employed workers agree that they have a better chance of improving their lifestyle and that of their family with a formal job as opposed to one without a contract. Among generations, the inclination towards a formal job contract is highest among the Gen Z (95%). Informal workers are defined as the ones who do not have formal contracts, may or may not have financial inclusion and have no social security benefits from their employer.

Lohit Bhatia, President of Workforce Management, Quess Corp., said, “An increasing number of India’s informal workforce is realising the advantages of a job with a formal contract and have career aspirations not very different from the formal cohort of workers.” Most (80%) of the informal employees expect their employers to provide them with the security of ESI (Employee State Insurance) and other medical benefits. Meanwhile, about 79% of respondents claim they would compromise on 20% or more of their salary if it provided security and benefits equivalent to their formal counterparts (78%).