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Gig Economy

The following report was prepared and published by our sister platform SPEEDA— September 2023.

Trend Overview

Gig Economy Allows People to Work One-Off Jobs at Time of Their Choosing

A gig worker refers to a worker that engages in one-off jobs paid for at an hourly rate, known as gigs. Unlike permanent and temporary employees, whose work is based on employment contracts, gig workers (including freelancers and day labourers) generally enter into short-term contract agreements with companies. Businesses whose operations are based on the use of gig workers help to make up what is known as the gig economy. A number of these businesses, including Uber and Lyft, have become unicorns (startup companies valued at over USD 1 billion) and carried out large-scale IPOs. While there is no official definition, the gig economy refers in general to the trade of such labour.

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