You may have heard of the phrase ‘gig economy’ but may not know what it means. It is a phrase which is becoming more and more popular in the UK, Europe and the wider world and is very prevalent in regards to a variety of employment disputes, employment arrangements and flexible working contracts.
The gig economy has had its critics in recent times, being seen by some as a working environment which isn’t totally to the advantage of its workers as there are less traditional securities and employment rights within some companies when undertaking ‘gig’ work.
According to official statistics, around 3 million workers in the UK have found themselves working in the Gig Economy over the course of 2017-18. In the last year alone, on average, those who were registered as self-employed were said to have earned more per hour and per day than ‘regular’ employees.
This offsets the lack of benefits which employees are entitled to, such as pension contributions, sick pay or paid leave, as for many Gig Economy workers, the work they perform on a self-employed basis greatly increases and supplements their regular income. Furthermore, there are many companies, including UK umbrella companies who the worker may be signed up with, that can assist with the likes of pension schemes and insurances.