The cost of gig employment for Lorenzo, who is considering driving for a food delivery app as an independent contractor, includes the following:
1. Competition with other drivers for business: As an independent contractor, Lorenzo will need to compete with other drivers who are also working for the food delivery app. This means that there is no guarantee of a steady stream of orders, and he may need to put in more effort to secure enough business.
2. Ineligibility for Social Security income: Since Lorenzo will be working as an independent contractor, he will not be able to qualify for Social Security income. This means that he will need to plan and save for his own retirement and other benefits, as he will not have the same level of protection and support as traditional employees.
3. Unpredictable income: The nature of gig work often means that income can be unpredictable. As the work is not guaranteed or consistent, Lorenzo's income may vary from week to week or even day to day. This can make it challenging to budget and plan for expenses.
4. Limited control over working days and hours: The mobile app for food delivery will determine the days and hours Lorenzo can work each week. This lack of control can impact his ability to schedule other commitments or maintain a work-life balance, as he will need to adhere to the app's requirements and availability.
These factors highlight some of the costs associated with gig employment for Lorenzo. While gig work offers flexibility and independence, it also comes with uncertainties and limitations that he should consider before making a decision.
