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In the context of Indian economy, which of the following is not correct regarding gig economy?
  • a)
    In India, the term 'gig worker' is defined in the Code on Social Security, 2020.
  • b)
    Gig workers are mainly paid on the outcome-based model.
  • c)
    The gig workforce is expected to expand to 50 crore (500 million) workers by 2030.
  • d)
    Universal minimum wage and floor wage under the Code on Wages, 2019 are applicable to gig workers.
Correct answer is option 'C'. Can you explain this answer?
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In the context of Indian economy, which of the following is not correc...
  • A gig economy is a free market system in which organizations hire or contract workers for a short span of time. Simply put, the positions are temporary to meet the company’s requirements by having short-term engagements.
  • According to the Code on Social Security, 2020 (India), “A gig worker is a person who performs work or participates in work arrangements and earns from such activities, outside of the traditional employer-employee relationship.”
  • The gig economy has various driving factors including work flexibility and the choice to work remotely from anywhere in the world. Further, gig workers work on the fixed-fee (while doing a contract) model, time & effort model, etc. and start-up culture has also promoted the idea of freelancing and contractual work.
  • Gig workers are mainly paid on the outcome-based model, meaning they are remunerated for the number of tasks they do i.e., on a task basis or monthly basis like every other full-time employee.
  • While the gig economy is prevalent among blue-collar jobs in India the demand for gig workers in white- collar jobs such as project-specific consultants, salespeople, web designers, content writers, and software developers is also emerging.
  • According to the Code on Wages, 2019, a universal minimum wage and floor wage should be provided to all organized and unorganized sectors, including gig workers.
  • Whereas under the Code on Social Security, 2020, gig workers are provided with recognition as a new occupational category. But, a few problems are associated with the code as even though gig workers are now eligible for benefits like maternity benefits, life, and disability cover, old age protection, provident fund, employment injury benefits, etc. However, eligibility does not ensure the guarantee of mentioned benefits to workers.
  • The following are the findings of a NITI Aayog report.
    • The study estimates that in 2020-21, 77 lakhs (7.7 million) workers were engaged in the gig economy.
    • The gig workforce is expected to expand to 2.35 crore (23.5 million)workers by 2029-30. Hence option (c) is the correct answer.
    • At present, about 47% of the gig work is in medium-skilled jobs, about 22% in high skilled, and about 31% in low-skilled jobs. 
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Most Upvoted Answer
In the context of Indian economy, which of the following is not correc...

Explanation:

Incorrect Statement:

The statement "The gig workforce is expected to expand to 50 crore (500 million) workers by 2030" is not correct regarding the gig economy in India.

Correct Points:

- Definition in Code on Social Security, 2020: In India, the term gig worker is indeed defined in the Code on Social Security, 2020. This code provides social security benefits to gig workers, recognizing their presence in the economy.

- Payment Model for Gig Workers: Gig workers are mainly paid on the outcome-based model, where they are remunerated based on the tasks or projects they complete. This model allows for flexibility and varied income opportunities for gig workers.

- Applicability of Wages: Universal minimum wage and floor wage under the Code on Wages, 2019 are applicable to gig workers as well. This ensures that gig workers also receive fair compensation for their work.

Therefore, the gig economy in India is growing rapidly, with gig workers being recognized under various social security and wage regulations to provide them with a more secure work environment.
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In the context of Indian economy, which of the following is not correct regarding gig economy?a)In India, the term gig worker is defined in the Code on Social Security, 2020.b)Gig workers are mainly paid on the outcome-based model.c)The gig workforce is expected to expand to 50 crore (500 million) workers by 2030.d)Universal minimum wage and floor wage under the Code on Wages, 2019 are applicable to gig workers.Correct answer is option 'C'. Can you explain this answer?
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