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Gig economy workers ‘hit harder’ financially

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Half of Brits (49%) working temporarily or doing contract paid work for a mobile app or website said they have taken ‘desperate measures’ to survive financially, research by the Income Protection Task Force (IPTF) has revealed.

This includes measures such as using food banks, shoplifting, gambling, drinking or taking a payday loan – less than 10% of those not working in the gig economy admitted to living like this.

The figures also show that a quarter (26%) are living paycheck to paycheck, however this rises to 31% for those working in the gig economy.

Fuelled by the growing online marketplace, the gig economy is predicted to be worth around £43 billion globally in 2020 (according to PwC) and there are an estimated 10 million gig economy workers in the UK.

The survey of 2007 UK adults showed that more than a fifth of gig economy workers (21%) had taken out a payday loan, 14% have gambled, while another 14% had used a food bank. Alcohol has served as a coping mechanism for 13% and 8% admitted to shoplifting. Over a quarter (26%) said they have had to borrow money from family or friends between pay days.

Sick leave?

The IPTF survey found that 44% have been unable to work for longer than three months, compared to 25% who do not work in the gig economy, while 38% said they would be unable to work for no longer than three months without work and 21% could not cope for more than six months.

Of those off work, a third (33%) said it was due to accident or injury, compared to 13% of non-gig economy workers. Physical health (38%) was the biggest reason for long-term sick leave, while one in five (19%) were off due to mental health issues. Meanwhile, 14% could not work due to disability.

Evan Odell, researcher at Disability Rights UK, said: “Rather than providing workers with flexible working hours they can control, the rise of the gig economy has merely stripped away predictability of hours and earnings, and with that financial security and peace-of-mind.”

“This appears to have a particular impact on disabled workers attracted to gig economy jobs because of the supposed flexibility, only to find the stresses and lack of control can make their impairments more severe. The promised flexibility of the gig economy has benefited employers, but not employees. Disabled gig economy workers are also likely struggle to get reasonable adjustments put in place, access sick pay, become part of disabled staff networks or get employment rights support from trade unions.”

Returning to work

Four fifths (79%) of gig economy workers unable to work said they have suffer mental health issues as a result.

Thirty percent said they didn’t feel like the people assessing their ability to work took enough time to understand their situation, and 27% said they felt they had to go above and beyond to prove they couldn’t work.

To that end, 95% of gig economy workers who have been long-term sick felt pressured to return to work before they were ready – with 65% actually going back into work before they should have. This is many more than the 20% of non-gig workers who have been long-term sick and said they returned too early.

Roy McLoughlin, co-chair of the IPTF, added: “Because of the more temporary employment status of gig economy workers, their finances are likely to be hit much harder when they face ill health, and it can also have a huge impact on partners and other family members financially and emotionally. But with a little planning people can help safeguard themselves and their family from financial catastrophe.

“There are many ways that people whose work pattern doesn’t fit the standard mould can insure themselves against the financial impact of long-term ill health, that would continue to pay them an income when they can’t work – and it often costs a lot less than people think. We would urge people to seek advice from an independent life and health insurance specialist to find out the best options for protecting their income.”

Birmingham was found to have the highest proportion of gig economy workers (36%), followed by London (31%) and Glasgow (30%). Bristol (5%), Brighton (6%) and Nottingham (6%) were the cities with the fewest.

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3 Gig Economy Stocks Wall Street Expects Will Rally by More Than 45% By StockNews

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3 Gig Economy Stocks Wall Street Expects Will Rally by More Than 45%

While the recent ruling of Proposition 22 could threaten the gig economy’s prospects in the near term, the gig economy is expected to grow exponentially in the long run with the increasing demand for more flexible working arrangements. So, it could be smart to add gig economy stocks such Uber (UBER), Lyft (NASDAQ:), and Upwork (NASDAQ:) to your watchlist now.Even though the gig economy received a boost during the pandemic, the recent ruling by California Superior Court Judge Frank Roesch that Proposition 22 is unconstitutional could serve a blow to companies capitalizing on the gig economy. Nevertheless, workers’ increasing demand for flexible and contractual work is expected to drive the gig economy’s growth.

According to brodmin’s research and data provided by Mastercard Incorporated (NYSE:), the global gig economy is expected to be worth almost $350 billion in 2021. Moreover, investors’ interest in the gig economy stocks is evident from the SoFi Gig Economy ETF’s (GIGE) 6.4% return over the past month.

So, it could be wise to add gig economy stocks such as Uber Technologies, Inc. (NYSE:), Lyft, Inc. (LYFT), and Upwork Inc. (UPWK) to your watchlist. Wall Street analysts expect them to rally by more than 45% in the near term.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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Gig Economy Market Outlook 2021: Big Things are Happening

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Gig Economy Market

Gig Economy Market

2020-2025 Global Gig Economy Market Report – Production and Consumption Professional Analysis (Impact of COVID-19) is latest research study released by HTF MI evaluating the market risk side analysis, highlighting opportunities and leveraged with strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global Gig Economy Market. Some of the key players profiled in the study are PeoplePerHour, Zipcar, Didi Global, Etsy, Upwork, Home Away, BlaBlaCar, Snap, VaShare, Toptal, Silvernest, Airbnb, Envato Studio, Omni, Uber, Fon, Freelancer.com, Stashbee, Fiverr, Couchsurfing, BHU Technology, Spotahome, Eatwith, Lime, Hubble, Airtasker, Lyft, Care.como, Prosper, E-stronger, JustPark & Steam.

Get free access to sample report @ https://www.htfmarketreport.com/sample-report/3417573-2020-2025-global-gig-economy-market-report-production-and-consumption-professional-analysis

Gig Economy Market Overview:

The study provides comprehensive outlook vital to keep market knowledge up to date segmented by Traffic, Electronic, Accommodation, Food and Beverage, Tourism, Education & Others, , Asset-Sharing Services, Transportation-Based Services, Professional Services, Household & Miscellaneous Services (HGHM) & Others and 18+ countries across the globe along with insights on emerging & major players. If you want to analyse different companies involved in the Gig Economy industry according to your targeted objective or geography we offer customization according to requirements.

Gig Economy Market: Demand Analysis & Opportunity Outlook 2026

Gig Economy research study defines market size of various segments & countries by historical years and forecast the values for next 6 years. The report is assembled to comprise qualitative and quantitative elements of Gig Economy industry including: market share, market size (value and volume 2015-2020, and forecast to 2026) that admires each country concerned in the competitive marketplace. Further, the study also caters and provides in-depth statistics about the crucial elements of Gig Economy which includes drivers & restraining factors that helps estimate future growth outlook of the market.

The segments and sub-section of Gig Economy market is shown below:

The Study is segmented by following Product/Service Type: , Asset-Sharing Services, Transportation-Based Services, Professional Services, Household & Miscellaneous Services (HGHM) & Others

Major applications/end-users industry are as follows: Traffic, Electronic, Accommodation, Food and Beverage, Tourism, Education & Others

Some of the key players involved in the Market are: PeoplePerHour, Zipcar, Didi Global, Etsy, Upwork, Home Away, BlaBlaCar, Snap, VaShare, Toptal, Silvernest, Airbnb, Envato Studio, Omni, Uber, Fon, Freelancer.com, Stashbee, Fiverr, Couchsurfing, BHU Technology, Spotahome, Eatwith, Lime, Hubble, Airtasker, Lyft, Care.como, Prosper, E-stronger, JustPark & Steam

Enquire for customization in Report @ https://www.htfmarketreport.com/enquiry-before-buy/3417573-2020-2025-global-gig-economy-market-report-production-and-consumption-professional-analysis

Important years considered in the Gig Economy study:
Historical year – 2015-2020; Base year – 2020; Forecast period** – 2021 to 2026 [** unless otherwise stated]

If opting for the Global version of Gig Economy Market; then below country analysis would be included:
• North America (USA, Canada and Mexico)
• Europe (Germany, France, the United Kingdom, Netherlands, Italy, Nordic Nations, Spain, Switzerland and Rest of Europe)
• Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India, Southeast Asia and Rest of APAC)
• South America (Brazil, Argentina, Chile, Colombia, Rest of countries etc.)
• Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Turkey, Nigeria, South Africa, Rest of MEA)

Buy Gig Economy research report @ https://www.htfmarketreport.com/buy-now?format=1&report=3417573

Key Questions Answered with this Study
1) What makes Gig Economy Market feasible for long term investment?
2) Know value chain areas where players can create value?
3) Teritorry that may see steep rise in CAGR & Y-O-Y growth?
4) What geographic region would have better demand for product/services?
5) What opportunity emerging territory would offer to established and new entrants in Gig Economy market?
6) Risk side analysis connected with service providers?
7) How influencing factors driving the demand of Gig Economy in next few years?
8) What is the impact analysis of various factors in the Global Gig Economy market growth?
9) What strategies of big players help them acquire share in mature market?
10) How Technology and Customer-Centric Innovation is bringing big Change in Gig Economy Market?

Browse Executive Summary and Complete Table of Content @ https://www.htfmarketreport.com/reports/3417573-2020-2025-global-gig-economy-market-report-production-and-consumption-professional-analysis

There are 15 Chapters to display the Global Gig Economy Market
Chapter 1, Overview to describe Definition, Specifications and Classification of Global Gig Economy market, Applications [Traffic, Electronic, Accommodation, Food and Beverage, Tourism, Education & Others], Market Segment by Types , Asset-Sharing Services, Transportation-Based Services, Professional Services, Household & Miscellaneous Services (HGHM) & Others;
Chapter 2, objective of the study.
Chapter 3, Research methodology, measures, assumptions and analytical tools
Chapter 4 and 5, Global Gig Economy Market Trend Analysis, Drivers, Challenges by consumer behaviour, Marketing Channels, Value Chain Analysis
Chapter 6 and 7, to show the Gig Economy Market Analysis, segmentation analysis, characteristics;
Chapter 8 and 9, to show Five forces (bargaining Power of buyers/suppliers), Threats to new entrants and market condition;
Chapter 10 and 11, to show analysis by regional segmentation [North America (Covered in Chapter 8), United States, Canada, Mexico, Europe (Covered in Chapter 9), Germany, UK, France, Italy, Spain, Others, Asia-Pacific (Covered in Chapter 10), China, Japan, India, South Korea, Southeast Asia, Others, Middle East and Africa (Covered in Chapter 11), Saudi Arabia, UAE, South Africa, Others, South America (Covered in Chapter 12), Brazil & Others], comparison, leading countries and opportunities; Customer Behaviour
Chapter 12, to identify major decision framework accumulated through Industry experts and strategic decision makers;
Chapter 13 and 14, about competition landscape (classification and Market Ranking)
Chapter 15, deals with Global Gig Economy Market sales channel, research findings and conclusion, appendix and data source.

Thanks for showing interest in Gig Economy Industry Research Publication; you can also get individual chapter wise section or region wise report version like North America, LATAM, United States, GCC, Southeast Asia, Europe, APAC, United Kingdom, India or China etc

Contact US:
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Unit No. 429, Parsonage Road Edison, NJ
New Jersey USA – 08837
Phone: +1 (206) 317 1218
sales@htfmarketreport.com

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About Author:
HTF Market Intelligence consulting is uniquely positioned empower and inspire with research and consulting services to empower businesses with growth strategies, by offering services with extraordinary depth and breadth of thought leadership, research, tools, events and experience that assist in decision making.

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Gig Economy: EU Parliament calls for equal rights for digital day laborers

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People who work for digital platforms such as food delivery services should have the same rights as traditional workers. The EU Parliament spoke out in favor of this in a resolution that was adopted on Thursday by a large majority of 524 to 39 votes. 124 MPs abstained. It is about social security contributions, greater responsibility of operators for health and safety and the right to negotiate fair working conditions in collective bargaining.

Parliament complains that anyone who works for intermediary services in the gig economy such as Deliveroo, Lieferando, LiveOps, Lyft or Uber is often wrongly classified as self-employed. As a result, access to social protection and other labor rights is lost. The MPs are therefore calling for the burden of proof to be reversed: In the event of legal proceedings, the employees should no longer have to prove that there is no employment relationship, but the employers. Anyone who really works independently should be allowed to remain in this position.

The parliamentarians make themselves with the resolution also strong for platform workers to have the right to “transparent, non-discriminatory and ethical algorithms”. According to them, algorithmic functions such as task assignment, ratings, pricing and deactivation procedures should always be explained in an understandable manner and clearly communicated. They want employees to be able to challenge the decisions made by algorithmic systems. Automated processes should always be supervised by humans.

Since deliverers and packers, for example, are often exposed to increased health and safety risks such as traffic accidents or injuries from machines, they should be equipped with appropriate personal protective equipment. The representatives are also pushing for accident insurance for drivers. Platform work creates new jobs and offers consumers more choice, they generally acknowledge. But the working conditions are often bad. The EU legislators had already backed digital day laborers with a directive by giving them, among other things, the “right to better plan their work” and shortening the probationary period.


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