Gig Economy and Lack of Policy and Regulations

Gig economy and lack
of Policy and
Regulations

Table of Contents
INTRODUCTION ..........................................................................................................................2
MAIN BODY...................................................................................................................................2
CONCLUSION ...............................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
The emerging gig economies around the world are expected to take a larger place in the
future of the labour market by becoming its well known face because of its growing prominence
at the global level in the academic field and business field which add value to a economy. It has
taken a professional identity among the economic experts where it includes self-employment,
contractors, micro-entrepreneurship, freelancers in different sectors, etc. Gig economy is a newer
concept for not only the citizens residing in United Kingdom but for all the people around the
world. The so- called term Gig economy market is changing the manner by which people define

this concept and carry out performance of their said job roles because it has now become more
temporary and flexible in nature. Thus, this new era of economy requires nations to be ready and
prepared with new and unique laws and policies that can help in regulating this economic sector
which is highly emerging so that it can add value, growth and development to a country's
economy1. The following project will provide information and cover in detail the meaning and
concept of Gig economy, it shall critically analyse both it positive aspects and negative aspects.
It shall also talk about relevant laws and policies on Gig economy and the loopholes in them
while also stating the lack of regulations in this area. In the end it will make recommendations so
that this sector can be regulated by legislations which are new and are according to the dynamic
situations.
MAIN BODY
Gig economy can basically be defined as the type of labour market wherein contracts and
agreements are created between the parties for a shorter time period and are of temporary nature.
It thus also includes and comprises the individuals who work as freelance workers in the
economy. So it simply means that there is flexibility in the nature of jobs and the companies in
the gig market prefer to hire independent contractors or part time employees instead of giving
jobs to full time workers whose job is permanent. With respect to the Gig economy, thus the
workers work based on certain contracts or work when they are hired by the companies on call in
order to provide services which are for a shorter term so that they can earn money based on the
exchange of labour2. So basically three components are included under the term of Gig
economy which are independent employees, Consumers and Companies. Firstly the
independent employees are the ones which are paid by the way of a gig which basically means
that they are paid for specific and particular tasks which is not the condition and scenario in the
case of workers who work for full time. The second component consumers are the ones who ask
for labour when they require them for specific defined services like delivery of any product, etc.
and the Last component which is companies, they play the role wherein they act as a mediator or
agent who connects the workers to the consumers like for example when workers are connected
1 Koutsimpogiorgos N and others, 'Conceptualizing The Gig Economy And Its
Regulatory Problems' (2020) 12 Policy & Internet
2 Hoff W, 'Regulatory Governance For The Gig Economy' (2021) 13 Krytyka Prawa