KUALA LUMPUR, Nov 6 -- The government has implemented several initiatives to prepare graduates for the gig economy.

In its Economic Outlook 2021 report released today, the Ministry of Finance (MOF) said the initiatives include revamping the syllabus, incorporating project-based learning and upskilling.

With the increasing number of graduates joining the gig economy, it said institutions of higher learning should move away from educating and preparing students for full-time employment. 

"The workforce needs to be equipped with required skills to support the gig economy as one of the new sources of growth in the country.

"This includes more training in software development and technology, creative and multimedia work, data entry and analyses as well as writing and translation," it said.

To this end, the government has launched the Global Online Workforce (GLOW) through the Malaysia Digital Economy Corporation (MDEC) with an allocation of RM25 million as well as the myGIG Programme to enable Malaysians to earn higher income digitally.

The report stated that there were 140 platforms providing gig and freelance opportunities with an estimated 540,000 gig and active freelance workers in Malaysia as of August 2020. 

Firms such as Grab and Foodpanda continue to record an increase in the number of gig workers. About 190,000 gig workers are providing services as riders and drivers on various logistics and delivery platforms in the country. 

"This reflects that many millennials are opting out of the traditional workforce as the gig economy offers higher independence and flexibility in line with their aspirations," MOF said.

It said the government, in line with the increasing number, is considering new laws to regulate the gig economy and to protect the welfare of the gig workers. 

According to the report, a study by the Zurich-University of Oxford in 2018 found that out of 38 per cent of the respondents in Malaysia who were in full-time employment would be looking to enter the gig economy in the following 12 months.

The rise of millennials and digital technology are the main factors contributing to the surge. 

The report further stated that the Global Gig-Economy Index in 2019 revealed freelancers in the United State had the most significant revenue growth at 78 per cent, followed by the United Kingdom (59%) and Brazil (48%).

"According to a survey by MBO Partners in 2017, nearly 60 per cent of the workforce in the US would be independent professionals and companies will spend up to USD6 billion on improving the rights of gig workers by the year 2027,” it added. 

-- BERNAMA