Why in News?

• Delhi has emerged as the top destination for migrant workers.

Highlights:

• An estimated 56% of new employment in India is being generated by the gig economy companies across both the blue-collar and white-collar workforce. The reasons are:
• In the digital age, the worker need not sit at a fixed location—the job can be done from anywhere, so employers can select the best talent available for a project without being bound by geography.
• The millennial generation seems to have quite a different attitude to careers. They seek to do work that they want to do rather than have careers that may not satisfy their inner urges.
• This suits businesses as well. In a gig economy, they save resources in terms of benefits like provident fund, paid leave and office space.
• Heightened migration and
• Readily available job training.

Gig Economy:

• A gig economy is a free market system in which temporary positions are common and organizations contract with independent workers for short-term engagements.
• A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career.

Challenges:

• The gig economy thrives largely unregulated, therefore workers have little job security and few benefits.
• A gig-economy workers will have to upgrade his skills on his own at his own cost. Lack of policies on job structure, tax , privacy
• Exponential growth
• The gig economy in India with respect to workers not getting any social security, insurance, etc