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6 differences between private sector and …

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6 differences between private sector and public industry

Posted by Crazy Christaaaasssia??? 8 years, 1 month ago

CBSE > Class 08 > Social Science

1 answers

Amar Kumar 8 years, 1 month ago

Public Sector is a part of the country’s economy where the control and maintenance are in the hands of Government. If we talk about Private Sector, it is owned and managed by the private individuals and corporations.
The aim of the public sector is to serve people, but private sector enterprises are established with the profit motive.
In the public sector, the government has full control over the organisations. Conversely, Private Sector companies enjoy less government interference.
The employees of the public sector have the security of the job along with that they are given the benefits of allowances, perquisites, and retirement like gratuity, pension, superannuation fund, etc. which are absent in the case of the private sector.
In the private sector working environment is quite competitive which is missing in the public sector because they are not established to meet commercial objectives.
In general Public Sector uses Seniority for promoting employees, however, merit cum seniority is also taken as a base for promoting employees. Unlike Private Sector, where performance is everything, and so merit is considered as a parameter to promote them

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