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How has the Gig Economy contributed to Income Equality?



The global fame of the gig economy is attributed to the 2008 recession when people were left jobless across the world with no income for basic survival. With governments unable to bail them out, jobless people relied on short-time jobs that would be a one-off. And the job givers also liked the idea, for they too, were facing the brunt of lowered incomes. The unemployed, thus, bounced back by creating an economy of their own, that gives them what was taken away from them: economic status. And the custom continued, with the gig economy elevating the economic status.

Here are the ‘hows’ of it becoming a possibility and a roaring success:

Low entry barriers

A gig worker can find a job based on his skillset & companies having matching job requirements will hire a suitable gig worker. Thousands of people from tier II and tier III Indian cities are engaged in data annotation micro-tasks after the growth of artificial intelligence.

Little-to-no time limitation

The gig economy has eliminated the time limitations for people so more of them have the opportunity to earn money now. This has also helped women in our country, who couldn’t take up fixed jobs because of family responsibilities, now work on gigs that fit well in their schedule. They only need to meet the deadlines for the projects they take up instead of regularly contributing 8-10 hours of their days to a fixed job.

Absence of physical barriers

The gig economy has also been able to bring income equality by eliminating the physical barriers to taking up a job. People now look up a job online if they do not find a matching one in their location. So they can earn from remote online gigs while doing justice to the skills they possess.

Rural-urban income equality

The gig economy is also bridging the gap between rural-urban income inequality. With several companies expanding their reach to tier II and tier III Indian cities, more people can take up gigs to earn money & much wanted freedom. People who had only a few employment avenues earlier are now empowered to choose between different gigs they want to work upon.

The gig economy is constantly growing, with more and more industries finding their way to recruit suitable gig workers. As per the findings of Nasscom, the tech industry is the largest employer in the gig world currently. Therefore, it is contributing greatly to bring in income equality to the country. With plenty of job options available in the gig market, the gig workers can choose to take up tasks depending on the skills and time they have on hand. It enables many people to earn much more money than they would otherwise without the gig economy!


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Gig economy: The rise of the new collar among India's working class - Forbes

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