All about the gig economy
The Code on Social Security 2020, introduced by the Indian government in September 2020, expanded social security to include workers in the unorganized sector, including gig workers. The government will implement social security programs to offer unorganized sector workers retirement benefits, health insurance, etc.
Gig workers accept brief contracts and are compensated for doing so. For professional workers, such as software developers, doctors, and others, there are numerous apps and websites where they can find jobs. A gig economy is a term used to describe this type of freelance labor market. Many nations are working to implement laws that will stop the exploitation of gig workers and improve their working conditions.
Causes of the growth of the gig economy
Employees in traditional job situations are required to put in a set amount of hours each week. However, other people prefer having a flexible work schedule, which is helping the gig economy grow.
People are being compelled to work in the gig economy due to rising unemployment rates.
The gig economy frequently benefits both the employer and the employee. Employers can save money by not having to pay a full-time employee. On the other hand, no corporation will bind its employees. When the gig is over, they are free to work with anyone else they like.
The benefits and challenges
The gig economy offers workers autonomy, flexible work schedules, pay for the effort, and lower expenses for businesses.
Unlike full-time employees, gig workers do not receive benefits like health insurance, retirement benefits, etc.
It is unethical that many gig workers are paid less than the minimum wage that is guaranteed.
In some situations, there is no guarantee. Organizations may postpone or suspend payments. This insecurity will always exist, and it also adds stress.
Also, some gig workers overwork to make a respectable living. Many gig workers lament their burnout. One of the main issues with the gig economy is the exploitation of gig workers.
