Home Tags Gig economy
Tag: gig economy
South Africa’s retirement outcomes will improve radically if all retirement funding contributions are kept invested when fund members change jobs. Other quick wins include increasing the minimum government pension; delaying the government retirement age beyond 60 years; and refocusing the industry from saving a lump sum at retirement to providing a sustainable income in retirement.
Many people around the world are turning to the gig economy and side hustles to make ends meet, especially as the economy continues to take further knocks from the COVID-19 pandemic. Cash strapped South African consumers are taking strain from debt collectors with limited options to manoeuvre their existing budgets but very few have spotted the opportunity or potential of the gig economy.
The Presidential Commission Report on the 4th Industrial Revolution makes several strategic recommendations, but it needs to be followed by agile policy and regulation. The Presidential Commission on the 4th Industrial Revolution (the Commission) was tasked with drawing up a strategy to enable South Africa to participate fully in the fourth industrial revolution (the 4IR). Its report was published on 23 October 2020.
South Africa’s current national state of disaster, and the uncertainty that has gripped the world, will especially impact the most vulnerable groups in our society. That includes those in casual or insecure employment who face two possibilities in the reality of social distancing: loss of income, or ongoing exposure to the virus through the front-line nature of their work.
Growth of the entrepreneurial sector is key to addressing South Africa’s unemployment crisis, especially amongst the youth. Young people, however, face many barriers to success. Amongst these is a dire lack of digital literacy and access to internet and data.
The proliferation of freelancing and gig work has seen employers witness a massive shift from traditional nine-to-five jobs to part-time work and independent contracting, known as the gig economy. Employers will need to rethink their reward programmes to align with the digital economy and the disruption it has brought to the employment landscape.