6 Things You Must Know About The Gig Economy Jobs In India

The COVID-19 pandemic brought about several changes that forced businesses to restructure the way they operate, manage and conduct business operations. It led to a steep rise in pandemic induced remote working jobs and the rising trend of gig jobs. Thanks to the pandemic, the Gig Economy is now on its boom to reach $455 billion by 2024, says The Week. Now that we know the prospects of the gig economy jobs in India,  let's find out six things you must know about the Gig Economy jobs in India. 

What's the meaning of gig? 

Now that you have read the word gig multiple times, what is the meaning of the word gig? Historically, the word 'gig' referred to a concert, event or any program that involved an element of entertainment. When the digital era slowly took its spotlight, the gig economy jobs in India too started to take off. Today, the gig economy job in India is a market that has grown in leaps and bounds and turned into a lifestyle. 

Why is it called the Gig Economy? 

The gig economy encompasses gig jobs that are non-standard and short-lived in nature. In simple terms, it refers to day to day, part-time, or even contractual jobs. Since the nature of gig economy jobs in India is often on-demand and in a specified time frame hence, it is called the gig economy. 

Who are Gig workers in India?

Let's put it out there gig workers are those who perform gig work. Well, that looks confusing, right? Let me break it down for you. In India, all those who carry out temporary jobs, part-time weekend jobs, part-time night shift jobs, picker packer jobs, or other jobs similar to contractual employment are called gig workers. Based on the industry, they are known as freelance workers, remote workers, virtual workers, consultants or even independent contractors. 

How much do gig economy workers make?

"Salaries of gig economy workers are returning to pre-covid levels", says Livemint. The rates had dropped over 25% during the pandemic. Today the rates have been increasing and getting better than the pre-covid scenario. In a survey conducted amongst three lakh individuals who perform gig work,  it was found that there was a 20% increase in their median compensation. Let's forget the numbers, the gig economy jobs in India work on one sole principle, which is "Pay For Work", it simply means that you are paid based on just two factors, nature of work and duration of the work. There's a boundary to earn with respect to gig economy jobs in India. 

Is the gig economy good for India? What's the future of the gig economy in India? 

There's no doubt that the gig economy and gig economy jobs are much more beneficial to companies and workers. It is much more efficient and effective when compared to traditional nine to five jobs. One can say that gig economy jobs in India are becoming mainstream and will only grow further. In this way, the economy will grow progressively and lead to increased productivity. 

Keywords:

Gig economy marketplace

Gig Economy Jobs in India