Need of social security for gig economy is i Rising number of gig workers ii To ensure lab...........

Economic and Social Issues Nature of Indian economy

The draft Code on Social Security has proposed that the Centre may formulate social security schemes for gig workers.As per the draft social security code, the Central Government may formulate and notify, from time to time, suitable social security schemes for gig workers and platform workers.A gig economy is also cost efficient for companies, given that they can accommodate temporary workforce, according to the customer requirements or business needs, leading up to saving administrative and compliance costs that they would otherwise incur if they choose to hire full time or regular employees, especially in cases where business models do not involve the engagement of permanent workforce. It may not be possible for companies and start-ups to afford skilled professionals as fulltime employees. In such situations, companies may choose to enter into contracts with the professionals for a specific time period. This relationship is rather symbiotic, and both parties have equal freedom to look for options that cater to their needs. Meanwhile, both parties simultaneously spend their energy in cultivating connections and building relationships with their respective demography.

Need of social security for gig economy is

i Rising number of gig workers

ii To ensure labour right

iii Threat to social protection system

Select the correct answer using the code given below

i and ii only

ii and iii only

i and iii only

all of the above

none of these

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Explanation:

Need of social security for gig economy

•Rising number of gig workers: The gig economy has been growing exponentially in size in recent years without any social security.

•To ensure labour right: Those working in the gig economy do not enjoy the same rights and protections as employed workers, such as health benefits, overtime pay and sick leave pay.

•Threat to social protection system: Rising numbers of gig workers threaten to erode the contribution base of social protection systems as the firms have an incentive to shift work onto those workers who enjoy the least protection.