Labor Economics

The redistribution of the workforce from self-employment and regular salaried jobs to casual wage work is a phenomenon observed over the past several decades. This shift is identified by a significant increase in casual or temporary employment which lacks job security and benefits associated with regular employment. This process is known as the Casualisation of workforce.

Explanation:

• The casualisation of the workforce involves a shift towards less permanent forms of employment where workers receive wages based on the work they perform without long-term commitments or assurances from employers.
• A casual workforce typically experiences fluctuations in income and lacks benefits like health insurance, retirement plans, and paid leave.
• Over time, economic changes, technological advancements, and globalization have been significant factors driving this shift, as they pressure companies to minimize costs and maintain flexible labor arrangements.
• This trend indicates a move away from traditional employment models, influencing the socio-economic landscape.

Given the options provided:

• Informalisation of workforce: Refers to jobs in informal sectors without formal contracts.
• Regularisation of workforce: The opposite, formalizing irregular jobs into steady employment.
• Formalisation of workforce: Transforming informal jobs into formal, structured employment roles.
• Casualisation of workforce: Fits the scenario described, indicating an increase in temporary, flexible jobs with reduced job security.

Thus, based on the description provided, the correct answer is: Casualisation of workforce.