Finance & Economy

Taking Care of the Workforce in the Gig Economy

At the moment, the Indian Gig Economy employs around 8 million people, with 2.7 million working in retail trade and sales, 1.3 million in transportation, 1.2 million working in manufacturing, banking, and insurance, and the remainder working in other sectors. The Government of India defines gig workers as individuals who operate outside the "conventional employer-employee structure," suggesting people with several contractual employments. Gig workers include Platform workers whose works are supported by online software apps or digital platforms. This workforce is expected to increase at a rate of more than 10% each year.

However, Social Security benefits such as Provident Fund and Medical Insurance or accident benefit Coverage are a minimal need for them that the system has not yet examined and may need to do so. Gig workers will soon be incorporated into each organization, and because every private sector employee receives some Social Security coverage from their employer, they, too, deserve some.

Should the expense of Social Security be borne only by the employer or by the employer and employee in moiety or should it be shared by the employer and the Government of India?

Please let us know your thoughts.

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