The Rise of the Gig Economy
                     The rise of 
the Gig 
economy
What is Gig 
economy?
Gig Economy, also referred to as 
“crowdsourcing”, the “sharing economy” 
and the “collaborative economy”, is where 
the individuals can market their skill sets 
(in both unskilled labour market and as 
skilled professionals) and sell their services 
online on different platforms or companies.
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Reasons for 
the rise of the 
gig economy
• In traditional employment opportunities, 
employees have to work for a fixed number 
of hours. But some people like a flexible 
work schedule, which is contributing to the 
rise of the gig economy.
• Increasing unemployment rates is also 
forcing people to work in the gig economy.
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Reasons for 
the rise of the 
gig economy 
cont.
• Many times, the gig economy is a win-win for 
both the company and the worker. 
Companies do not have to hire a full-time 
employee, and thereby can save costs. 
Workers on the other hand will not be tied 
down by any company. After finishing the 
gig, they can work with other people of their 
choice.
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Benefits of the 
gig economy
• Autonomy for workers.
• Flexible work hours.
• Rewards for hard work.
• Fewer costs for companies
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CHALLENGES OF THE GIG 
ECONOMY
No Benefits for 
employees
• Gig workers do not receive benefits such as 
retirement benefits, health insurance etc. 
like full-time employees.
• Many gig workers are receiving pay lesser 
than the minimum wage guaranteed, which 
is unethical.
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Exploitation of 
gig workers
• There is no guarantee in some cases. 
Companies may delay or stop payments. 
There will always be this insecurity and it 
also causes stress.
• Some gig workers overwork in order to earn 
decent money. Several gig workers complain 
of burnout. The exploitation of gig workers is 
one of the biggest challenges of the gig 
economy.
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Lack of time 
for personal 
life
• Some companies are encouraging people to 
work in the gig economy in their spare time. 
This can lead to a lack of time for personal 
life, which affects relationships and mental 
health.
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Threat to 
employment 
opportunities 
• The rise of the gig economy is a threat to 
some full-time employment opportunities. 
Some companies are replacing full-time 
employees with gig workers.
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Conclusion
• The gig economy will continue to rise at a 
rapid rate in the coming days for good. It can 
compensate for the high unemployment 
rates in India. It’s a good thing that the gig 
workers are officially recognised and brought 
under the ambit of social security schemes.
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