With the rapid integration of technology in various industries, different opportunities are being witnessed. While some of these opportunities have turned out to be a passing fad, but some of the opportunities have made a telling impact on the entire economy of India. “Gig Economy” is one such trend that has made an impact on the lives of millions of blue-collar workers. Earlier, these workers used to work in standard nine to five jobs where essentially their employers “owned” their skills in lieu of a fixed monthly salary.
Thank the numerous apps and online platforms; now, these workers have access to an opportunity to be “self-employed” entrepreneurs. They can use their skills and knowledge to maximise their earning potential. Millions of workers are now employed in the gig economy where they are working as delivery personnel, cab drivers, bike drivers, transporters, nursing assistants, and across several other profiles. By offering newer and better employment opportunities to the ever-increasing labour force of India, the gig economy is making a huge impact on the entire economy.
Gig Economy: The dark side of the “Moon”
On the face of it, everything seems right about the gig economy. Freedom to work in a preferred profession, better payment structure, exposure to different industries, and work flexibility are some of the obvious benefits. But most people are oblivious to the problems that gig workers face. Some of the most pressing issues beckoning workers employed in the gig sector are: –
- Uncertainty of work: – There are various seasonal variations in most industries that result in uncertainty about the regular availability of work for such workers. As a result, they tend to face significant variations in their monthly income.
- Informal workforce: – Gig workers are regarded as informal workers for all practical purposes. As they are not employed by any particular organisation, they are unable to avail various schemes and benefits available to full-time workers.
- Lack of credit history: – Gig workers also lack a credit history as they are not a part of the formal sector. Due to the absence of credit history, these workers are unable to avail loans from financial institutions and fall victim to private moneylenders whose high interest rates push these workers towards a debt trap.
- No Insurance: – Another problem that gig workers face is that they are unable to subscribe to an insurance policy. Whether it be health insurance or life insurance, they are deprived of the much-needed insurance for the financial security of their family.
Sadly, even as the gig economy is being touted as the future of the Indian labour market, very little has been done for such workers. There is an urgent need to address the issues facing gig workers and provide them with the financial support they so urgently require. The problem is aggravated by the fact that even if the companies want to do something for these workers, there are very few options available to them.
Entitled Solutions: Giving “Wings” to the dreams of gig workers
At Entitled Solutions, we firmly believe that gig workers are an integral part of our workforce and are “Entitled” to a better life and financial freedom. This is why our team works in close collaboration with various platforms, start-ups, and corporations, and help them offer better financial support to the gig workers.
Here are some of our services that are transforming the lives of gig workers in an efficient and effective manner: –
- Micro Loans: – We offer small loans to the gig workers at low interest rates and with flexible repayment tenor. This allows the workers to stay clear for loan sharks and manage their requirements efficiently. By repaying the loans as per the repayment tenor, these workers are able to create a credit history and therefore become “Entitled” for more substantial loans from formal financial institutions.
- Insurance plans: – We understand the importance of financial security for the families of gig workers. Therefore, we help them with customised insurance plans that allow monthly or quarterly payment of insurance premiums. Thus, enjoying better insurance coverage without stressing their finances.
- Counselling: – Whether it be loan restructuring or any other query, at Entitled Solutions, our team is always ready to lend a patient ear to the problems of the gig workers and then offer them the best solutions. We work closely with employers to conduct financial education drives as well.
At Entitled Solutions, we are committed to making the lives of blue-collar and gig workers better. By providing them access to the most important resources, we strive to ensure that they get to live the “Entitled” life that they deserve.