Some believe that the gig or sharing economy benefits millennials, but it may be an even more fit for baby boomers looking to boost income during their pre- or un-retirement. Next Avenue contributor Chris Farrell takes a look at some of the pluses and minuses of this economy.
The gig economy (operated through companies such as AirBnB and Uber) allows people to work without making a full-time commitment. However, the controversy in the gig economy makes it better suited for baby boomers:
That’s because its companies commonly treat workers as independent contractors rather than employees. These employers aren’t required by law to pay contractors a minimum wage, reimburse expenses or make Social Security and Medicare contributions for them. At the same time, the independent contractors aren’t entitled to unemployment insurance benefits or workers’ compensation.