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Explained: What are Gig Economy and Gig Workers?

The gig economy is a term used to describe the growing trend of people working temporary or freelance jobs rather than traditional full-time employment. The term is used as "gigs" because they are short-term, project-based opportunities that are completed, and then the worker moves on to the next gig.

Gig workers are individuals who participate in the gig economy, working on various projects or jobs on a flexible, as-needed basis. Gig work is often done through online platforms, such as freelance websites or ride-sharing apps, which connect workers with businesses or individuals needing their services.

Gig work can appeal to workers because it allows flexibility and the ability to choose when and where they work. It can also be an attractive option for businesses or individuals who need specific tasks or projects completed on a short-term basis.

However, gig work also has its drawbacks. Gig workers are often considered independent contractors, meaning they are not entitled to the same protections and benefits as traditional employees, such as provident fund, health insurance, paid time off, etc. This lack of job security and benefits can make it difficult for gig workers to plan for the future and may lead to financial instability.

Overall, the gig economy is a rapidly growing trend transforming how people work and do business. While it can offer flexibility and opportunities for some, gig workers need to understand the potential risks and challenges associated with this type of work.
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