Planning Ahead in the Gig Economy
The gig economy has become a buzzword of late, transforming the definition of a "job" for many Singaporeans. Yet while this new industry grabs headlines around the world, there is a certain opacity to the subject. Governments and employers aren't sure how to categorise gig work or prepare for the rising economy. Amongst this somewhat hazy outlook, The Manulife Investors Sentiment Index 2018 hopes to shed some light to Singapore's gig economy.
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Responses to the Digital Economy:
Optimism > Pessimism
68% believe it gives them an opportunity to be business owners
59% feel that their current job could be fully or partially automated in the future
The Tech Society:
Interest versus Reality
Interest in full-time digitally enabled jobs remain low but the interest increases slightly with the younger generations
Similar reasons for working in the digital space between current and potential employees
Workers with full-time jobs who also work on part-time digital-enabled jobs expect a high portion of income from the latter
Concerns About the Gig Economy
Lack of financial protection after taking up a full-time digital-enabled job is a worry
Despite >80% of respondents having a mandatory retirement plan,
23% of respondents face a half a million to one million savings gap for their retirement
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