One of central policy monitoring problems is operationally describing and visually representing the policy development. It relates to the EU flexicurity policy (= flexibilization of employment relations compensated by advantages in employment security and social security). To the end of policy monitoring, two indices, of flexible work and of precarious work, are derived from the Fourth European Survey of Working Conditions 2005. They reveal a statistical dependence between flexibility and precariousness of work, showing that employment flexibility has the strongest negative effect on employability. It implies that flexicurity cannot be consistently implemented as proposed by the European Commission.