Final answer:
Precarious Employment, or "contingent labour," refers to unstable and insecure job situations without the benefits of stable employment. The term includes temporary, part-time, and gig economy jobs, and reflects increasing job instability and the rise in hidden unemployment.
Step-by-step explanation:
Precarious Employment or "contingent labour" refers to job situations that are uncertain, unstable, and insecure, where the employee bears the risk of job instability. This kind of employment often lacks the protections and benefits associated with more stable forms of employment. Examples of precarious employment include temporary, part-time positions, and jobs within the "gig economy", where individuals are freelancers or independent contractors rather than full-time employees with benefits. One factor contributing to precarious employment has been the decline of manufacturing jobs in high-income economies, leading workers to seek employment in lower-paying service sectors with minimal benefits. Additionally, in undeveloped labor markets of low-income and middle-income countries, workers often lack regular wage-paying jobs and resort to farming, fishing, hunting, or a succession of short-term jobs, sometimes being compensated with food or shelter.
Interestingly, the growth of the temporary worker industry can be seen as a dual-edged sword. While temporary jobs can serve as a stepping-stone to permanent positions, they also contribute to the increasing prevalence of contingent labour, as more workers engage in temporary and part-time work while seeking stable employment. Moreover, the term hidden unemployment encompasses those who may be working in jobs that do not entirely fit their skills or are underemployed, thereby not reflecting the true state of their employment situation.