GIG Economy
The single biggest determinant for the wealth of our country is income.
People are not going to adhere to self isolation and social distancing protocols if they need money to buy food and pay rent – they will go to work!
I am paraphrasing a statement made by highly regarded Globe and Mail journalist Andre Picard from a discussion about the COVID 19 virus protocols on CBC radio, March 18, 2020. The discussion was centered around the Canadian government’s announcement of a 30 billion dollar aid package to make sure Canadians didn’t suffer financially by the restrictions imposed upon them to stem the spread of the COVID 19 virus and its devastating implications.
Until January of this year, when the COVID 19 virus began to spread around the world, the GIG Economy was not front and centre for its contribution to the overall Canadian economy. Freelance workers, artists, musicians, contract workers, part-time workers, occasional workers, seasonal workers and all other self-employed individuals make up this cohort. This collective contributes hugely to the Canadian economy but are not protected with benefits accorded those who are traditionally employed. The outbreak and spread of the Corona Virus hit this economic group with startling force. Independent Business is recognized as the fastest growing segment of the Canadian economy.
“Precarious Employment” a term often ascribed to independent workers, limits access to private sources for benefits, like traditional Disability Insurance that replaces income when injury or illness prevents a worker from carrying out the usual duties of their occupation.
The mandated response to COVID 19 brought on the restrictions imposed and caused the huge disruption in employment for millions of working Canadians clearly demonstrating the importance of having a plan to protect income that provides for a stable lifestyle. Canadians who through combination of self employment, scarcity of full-time traditional employment and part-time work, including more than one job, still make mortgage payments, pay rent, buy groceries, hire services, shop for goods, eat at restaurants, buy concert tickets…and pay taxes!
The same impact COVID made is felt when an accident or serious illness happens to a worker. No one expects an accident or illness to stop them from working. Just like we didn’t expect the pandemic and the subsequent fall out.
A serious accident or injury will keep someone from working – making it impossible to complete a contract or see a job through to completion. Serious illness will do the same. Many GIG Economy workers have more than one occupation to earn sufficient income for their lifestyle obligations. No job security, no benefits, no money. Self employed folks want access to supplemental Health Care and Dental services as well.
Many GIG professionals believe benefits are not available to them. WRONG! There are benefit plans that match and even surpass those enjoyed by traditional employed workers. Never fear work stoppage or interruption because of an injury or illness. Secure health care benefits, a legitimate expense to your business, a perk for self-employed.
