President says he wants to reduce informal sector of Mexico's economy

Mexico City, May 2 (EFE).- President Enrique Peña Nieto vowed to work during the remainder of his six-year term to create good-paying jobs and reduce the size of the informal sector of Mexico's economy.

"Currently, three of every five jobs in Mexico are in the informal sector, that is, 60 percent of the country's jobs do not comply with legal and institutional regulations, or, in few words, they do not offer the social security that they should," Peña Nieto, who took office on Dec. 1, said during a May Day ceremony at the Los Pinos presidential palace.

Informal sector work "mainly affects young people and older adults, people with lower levels of schooling and those with low incomes," the president told the lawmakers and labor leaders who attended the ceremony Wednesday.

"Informality is highly regressive," Peña Nieto said, adding that wages in Mexico's informal economy are about 44 percent lower than in the formal sector.