Q. Consider the following statements:
1.The share of contract employment in total industrial employment has increased in recent years.
2.Contract employment is considered better by the companies because it attracts lower cost to the company (CTC).
Select the correct statements using the codes given below:
Statement 1 and 2 are correct. In the Annual Survey of Industries, the share of contract employment in total industrial employment increased from 24% in 2004 to 38% in 2017. The cost to the company (CTC) is lower for contract employment when compared to permanent employment. This is considered beneficial for the economy as reduced CTC has also attracted foreign investment.