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29/06/2022 - Economy

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June 29, 2022

An institutional framework to deal with the gig economy must be put in place to handle specific issues in a holistic way. Analyse (200 Words)

Refer - Business Line

Enrich the answer from other sources, if the question demands.

 

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IAS Parliament 1 month

KEY POINTS

·        NITI Aayog has highlighted the exponential growth prospects of the gig and platform economy, while raising concerns about the need to create a social security umbrella for its workforce.

·        The gig and platform economy’s current workforce of about eight million is expected to rise to 23.5 million in a decade, forming 6.7 per cent of the non-agricultural workforce by then, against 2.6 per cent at present.

·        The report points out that 2.7 million workers are employed in retail trade and sales and another 1.3 million in the transportation sector, with another 1.2 million spread across manufacturing, finance and insurance activities.

·        The report observes that “currently more than 75 per cent of the companies have less than 10 per cent gig headcount, but this proportion is bound to rise.

·        The Social Security Code (SSC) has spoken about providing certain benefits such as accident insurance for those registered under the Aadhaar-seeded e-shram portal in particular, but much remains to be done.

·        The report falls short of addressing implementation issues how exactly the government will facilitate these workers’ access to PF and medical care while advocating the importance of the SSC.

·        The Social Security Code may have been extended to the gig workers but the law needs to be precise for such definitions as ‘employee’, ‘employer’ and their relationship with each other for benefits such as PF to accrue to them.

 

K. V. A 1 month

Kindly review

IAS Parliament 1 month

Good attempt. Keep Writing.

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