How does the informal economy differ from the formal economy? Explain

The formal economy:

(1)    has an organised system of employment with clear written rules of recruitment, agreement and job responsibilities.
(2)    has a standardised relationship between the employer and the employee is maintained through a formal contract.
(3)    the employee is expected to work for fixed hours and receives fixed salaries in addition to incentives and perks. He works under a decent work environment and is entitled to benefits such as leave, savings, loans etc.  He has an organised association or union where his official grievances are addressed. Besides, he is covered under social protection benefits such as life insurance, health insurance, pension, ____ ______ ___ ________ ___ ______.
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