Consider the following statements regarding the formalization of the workforce in India:1. Workforce formalization leads to increased tax revenues by expanding the tax base and promoting a fair distribution of the tax burden.2. The Employee’s Provident Fund Organisation (EPFO) plays a pivotal role in providing healthcare benefits to formal sector employees.3. Formalization of the workforce results in enhanced global competitiveness and encourages entrepreneurship.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?

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Consider the following statements regarding the formalization of the workforce in India:

1. Workforce formalization leads to increased tax revenues by expanding the tax base and promoting a fair distribution of the tax burden.

2. The Employee’s Provident Fund Organisation (EPFO) plays a pivotal role in providing healthcare benefits to formal sector employees.

3. Formalization of the workforce results in enhanced global competitiveness and encourages entrepreneurship.

Which of the statements given above is/are correct?

a)
1 Only
b)
1 and 2 Only
c)
1 and 3 Only
d)
1, 2 and 3

Correct answer is option 'C'. Can you explain this answer?

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Consider the following statements regarding the formalization of the ...

- Statement 1 is correct. One of the significant benefits of workforce formalization is the increase in tax revenues. When more workers are brought into the formal economy, the tax base expands, allowing for a fairer distribution of the tax burden and more resources for government services and infrastructure.

- Statement 2 is incorrect. While the EPFO plays a crucial role in providing social security benefits, such as retirement funds, pensions, and insurance, it does not primarily provide healthcare benefits. Healthcare benefits are typically provided through separate schemes or employer-provided insurance, not directly through the EPFO.

- Statement 3 is correct. Formalization fosters a competitive business environment by encouraging entrepreneurship and innovation, as businesses can operate within a legal framework that provides better access to finance and other resources, thus enhancing global competitiveness.

Therefore, the correct statements are 1 and 3, making Option C the right answer.

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Consider the following statements regarding the formalization of the workforce in India:1. Workforce formalization leads to increased tax revenues by expanding the tax base and promoting a fair distribution of the tax burden.2. The Employee’s Provident Fund Organisation (EPFO) plays a pivotal role in providing healthcare benefits to formal sector employees.3. Formalization of the workforce results in enhanced global competitiveness and encourages entrepreneurship.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?

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Consider the following statements regarding the formalization of the workforce in India:1. Workforce formalization leads to increased tax revenues by expanding the tax base and promoting a fair distribution of the tax burden.2. The Employee’s Provident Fund Organisation (EPFO) plays a pivotal role in providing healthcare benefits to formal sector employees.3. Formalization of the workforce results in enhanced global competitiveness and encourages entrepreneurship.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the formalization of the workforce in India:1. Workforce formalization leads to increased tax revenues by expanding the tax base and promoting a fair distribution of the tax burden.2. The Employee’s Provident Fund Organisation (EPFO) plays a pivotal role in providing healthcare benefits to formal sector employees.3. Formalization of the workforce results in enhanced global competitiveness and encourages entrepreneurship.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the formalization of the workforce in India:1. Workforce formalization leads to increased tax revenues by expanding the tax base and promoting a fair distribution of the tax burden.2. The Employee’s Provident Fund Organisation (EPFO) plays a pivotal role in providing healthcare benefits to formal sector employees.3. Formalization of the workforce results in enhanced global competitiveness and encourages entrepreneurship.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.

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