Current Affairs | L2A | 07/09/2022 What is the Gig Economy? 1)A Gig Economy is the emerging economic model wherein firms hire workers on a part-time flexible basis rather than as full time employees. They’re also known as freelancers who work in a piece-meal rate. 2) A gig economy is a free market system in which temporary positions are common and organisations contract with independent workers for short-term engagements. 3) The code on social security,2020 define gig workers as those engaged in livelihoods outside traditional employer-employee relationship. 4) According to a report by Boston Consulting Group, India’s gig workforce comprises 15 million workers employed across industries such as software, shared services and professional services. 5) According to a 2019 report by the India Staffing Federation, India is the fifth largest in flexi-staffing globally, after the US, China, Brazil and Japan.