The Venezuelan labor market is heading toward more people employed off the books than on;
The labor sector has begun to feel the effects of the economic problems facing the country. As many as 444,313 new jobs were created in the last 12 months, the National Statistics Institute (INE) has informed. At first sight, this is an outstanding number, but when closely assessed, it mirrors serious job precariousness.
Based on INE's figures, 65% of those new jobs were created in the informal sector. This means that 289,661 people effectively found a job in the last 12 months, but they are in disadvantage with respect to some individuals employed in the formal sector, who benefit from labor stability, special benefits, wage increases, private health insurance, savings bank, and other benefits.Overall, according to El Universal, over 40% of all jobs in the country are informal.