Tag Archive | "gig workers"

40% of Brits will Never Retire According to Survey

In a brand new survey by experts, it was found that 40% of British people in the workforce believed they will never get to retire.

This isn’t because they don’t want to of course. No…it’s because they won’t have enough money to retire, which means they will be have to keep on working well beyond the retirement age into their 70’s and even 80’s.

In my opinion it isn’t just employed people that should be thinking about this, contractors and the self employed in general must also be planning for their retirement.

As I’ve talked about before on this blog, there are many contractors who simply don’t save any money for retirement and don’t put anything into a pension, instead, hoping to rely on the State Pension to take care of them when they get to 65.

Well, some news for anybody expecting to do this. For one, the eligible age for a State Pension is going up soon, to 67 I think, although many experts predict it could be 70 in the near future. If you still have 30 years to go until you are around retirement age where will it be then? It might very well be 80! That is if there is any such thing as a State Pension by that time.

Not only that, but a basic State Pension doesn’t provide you with much money on a weekly basis, and with everything getting more expensive it really is nothing more than spending money for most people.

That is why I am always telling contractors, gig workers, freelance professionals…whoever…you must be putting some money away into a pension or some kind of savings. If you don’t then you probably won’t ever retire, just like the 40% of people asked in the survey.

Interestingly, there was differences of opinion in the survey depending on where you lived. For example workers in London didn’t have much optimism about retiring, with 45% saying they will always be clocking in, while only 32% of people in Scotland agreed.

Maybe North of the border they know something that people in the capital don’t know? Or perhaps they are just more educated when it comes to saving money and being smart about pensions? I think that is probably right.

There are some contractors who don’t ever want to retire though, and in actual fact they would call themselves already retired.

These are the people that work from their laptop, working a few hours that suit them but using most of their time taking breaks to do things they enjoy. A good lifestyle if you can get it, but for most Britons this isn’t a reality.

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Ed Vaizey – “Minimum Wage for Gig Workers”

Tory minister Ed Vaizey has gone on record saying that freelance workers in the so called “gig economy” should be on minimum wage.

This of course comes at a time when the line between employment and self employment is not completely clear. Take the Uber situation for example, where courts are now starting to rule that their freelance drivers are in fact employed and should be guaranteed minimum wage.

I am going to disagree with Ed Vaizey here and for the simple reason that if you choose to be self employed then why should you be guaranteed anything? That is the chance anyone takes when they start a new business, go freelance, become a contractor or choose to be a gig worker, and if you don’t like the thought of it then get a job where you are guaranteed a wage. It really is as simple as that.

Uber workers knew what they were signing up for when taking on the role…a freelance position with an opportunity to potentially earn money…not a guarantee, and if you don’t agree with that then look elsewhere. If you want minimum wage then look elsewhere. Unfortunately, it seems people like Ed Vaizey just don’t understand this.

Instead, he has called for the government to give us a “definition of a new kind of worker in the gig economy” which he then went on to describe as a “halfway house” between being employed and self employed.

He’s wrong of course, and anyone with any kind of common sense can see this. Either you are employed or you are not. There is no halfway house.

If you are a contractor or freelancer benefiting from the gig economy then you are self employed, and the idea of a minimum wage is ludicrous.

As we all know though, many politicians are way out of touch with what is really going on in the world, especially the world of business, and once you give them any kind of power or input into the decision making process they have this amazing ability to get things completely wrong.

Once this happens, they hide away and try to pass the blame. It’s easy to call for minimum wage for gig workers like Ed Vaizey has, if you don’t have to take any responsibility when things go wrong.

The freelance world is now full of people who quit well paying jobs with companies like Google and Microsoft, in order to offer their skills in the gig economy, and are now earning more than before, while working less hours and living the kind of lifestyle they want to.

These people don’t need a guarantee of minimum wage, and if you do then I really don’t think being a gig worker is for you.

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