Among the significant reasons for young people losing interest in conventional employment pathways is an observation that holding a degree does not guarantee a high-paying job, especially in an economy with a shrinking industry complexity (breadth and depth) and predominantly low- and semi-skilled jobs.
With this uncertainty, the gig economy presents itself as a pragmatic option, offering a source of income without the perceived constraints of formal education.
According to the "Graduate Statistics 2021" by the Statistics Department from July 27 2022, the number of unemployed graduates recorded 197.4 thousand persons out of 4.77 million graduates in the labour force, while skill-related youth underemployment has reached a new high – 1.55 million as of 2021.
As more and more young people encounter difficulties securing jobs, many are drawn to the gig economy for quick income while seeking permanent employment.
However, there is a danger that such temporary work can become permanent as young individuals quickly become too comfortable with the gig economy's flexibility.
