The new rules, set to go into effect on March 11th, redefine the classification of workers, particularly in the gig economy, as employees rather than independent contractors. This move, while intended to provide greater protections and benefits to workers, has raised concerns about its potential impact on businesses and the broader economy.

https://www.dol.gov/newsroom/releases/whd/whd20240109-1#:~:text=The%20rule%20addresses%20six%20factors%20that%20guide%20the,a%20factor%20regarding%20the%20worker%E2%80%99s%20skill%20and%20initiative.

The new �independent contractor� rule restores the multifactor analysis used by courts for decades, ensuring that all relevant factors are analyzed to determine whether a worker is an employee or an independent contractor. The rule addresses six factors that guide the analysis of a worker�s relationship with an employer, including any opportunity for profit or loss a worker might have; the financial stake and nature of any resources a worker has invested in the work; the degree of permanence of the work relationship; the degree of control an employer has over the person�s work; whether the work the person does is essential to the employer�s business; and a factor regarding the worker�s skill and initiative.

I don't know about all the third world parts and I doubt that this will change Microstock, but it was an interesting and very distant thought.

All those clauses and conditions?

One place I work, pays us on a day rate, then keeps track of the hours, because they want to prove to the state, that they are paying more than minimum wage. Some way for them not to pay us hourly, for some reason? That could change. I'll be watching. But I'm not sure that it will change anything for the better. We are independent contractors, all of us workers. Will there be staffing cuts, to save the added expense? Then who gains?

Here is a pitch to be an independent contractor-- notice how the conclusion wipes out almost everything they stated?

Benefits of Being an Independent Contractor
1. Contractors Are Their Bosses

Contractor work is excellent for people who want to be their boss. Without a boss or supervisor, contractors have more freedom to run their businesses and decide how to perform the work. Contractors can work from home or work while traveling. Business can be conducted on the beach on a laptop instead of a cubicle.

Independence can have drawbacks. Contractual work may not be suited for people who enjoy working in large groups and getting feedback from supervisors. For self-starters with discipline, independent contracting can be rewarding.
2. More Time Off

Employees are generally bound by their employment agreement to work for one company and to follow the policies set by the company, including attendance policies which dictate where and when the employee must be and how they must seek permission to take time off. Some systems require approval, for example, while other companies have a cap on how much time off can be taken per year. There may even be a "use it or lose it" policy that causes unused time off to be erased and not paid out at the end of each fiscal year.

There is no guarantee that employees can take time off. In some countries, such as the United States, there is no legally mandated amount of time off that employers must provide employees in most cases. Employees in the United States may have no paid time off, including annual leave, maternity leave, sick leave, bereavement leave, and other kinds of leave that countries around the world provide for their employees. Contractors can suspend their activities for as long as they want and do not have to adhere to any system that dictates how much time off they can take or when they can take it.
3. Better Work/Life Balance

Working as an employee at an office means getting up early and making a long drive to work. Independent contractors working at home on their computers don�t have to worry about commuting, giving them more time to be with their families. Working at home allows a parent to supervise their kids and be with them throughout the day. Thanks to short-term contracts, contractors can adjust their calendars to work around life events such as weddings or unexpected emergencies.

Contractual work can be temporary, or the contract could be for a short duration. This means a contractor may choose not to renew the contract, or they may choose to take time off between contracts. Though this time off is without pay, contractors can take vacations and time off for other reasons without worrying they will lose their livelihood. This can lead to a much better work/life balance.
4. More Financial Control

Employees' wages are generally lower than what a contractor can charge for similar work. This is because payments and deductions are taken out of employee paychecks. Employees also don�t have the ability to choose how much more they will make each year and are limited to whatever the employer decides to give them after performance reviews.

Contractors don�t have annual performance reviews and can decide to raise their rates. This can be especially beneficial in times of high inflation. Employees have little control over their income. After negotiation, the employer sets the wage and does not raise the wage. Contractors have full control of their prices.
5. A Potentially Larger Income

In addition to setting their price for their labor and possibly making more income, there are always fewer, if any, deductions from their income. Contractors do not have their payments deducted to pay for the benefits, resulting in higher invoice payments.

There are certain tax benefits to being an independent contractor as well. Contractors do not have income taxes withheld and do not have contributions made to tax-funded programs such as unemployment insurance and worker�s compensation. Employees may be provided health insurance by their employer,, but the employees pay for it by having a percentage of their income deducted. Some of the employees' paychecks pay for insurance, such as unemployment insurance. Those are payments that contractors do not have to make.

Conclusion

Hiring independent contractors is also not without its risks and drawbacks. There may be no steady income nor job security as there would be as a payroll employee. They cannot receive promotions or bonuses, and if their rates rise too much, they may see a reduction in active clients. Unemployment insurance is not provided and there is no compensation if there is a lack of work. Health insurance, dental insurance, vision insurance, and more will also need to be paid out of pocket, which can be more expensive compared to insurance plans offered through an employer. Further, independent contractors do not have income tax withheld, which means they must pay income tax on their own and make quarterly estimated tax payments.