The gig economy has emerged as a rapidly growing segment of the labour market, particularly in developing economies like India, where platform-based work has created new opportunities for flexible employment. This study examines the income stability, financial security, perceived fairness of earnings and social protection needs of gig workers in Vijayawada city of Andhra Pradesh, focusing on ride-hailing and food/delivery platform workers. Primary data were collected from 120 respondents using a structured questionnaire, selected through stratified sampling to ensure equal representation from both gig categories. The findings reveal that while a majority of gig workers perceive their income as relatively stable and sufficient to meet basic living expenses, significant disparities exist in financial preparedness, particularly in terms of emergency savings and vulnerability to sudden platform deactivation. Food/delivery workers exhibit comparatively higher financial insecurity than ride-hailing workers. Despite these challenges, respondents largely perceive gig platforms as providing fair income opportunities. However, there is a strong consensus on the need for government intervention in providing social security benefits to gig workers. The study highlights that although gig work contributes significantly to urban employment and livelihood generation, it is accompanied by income uncertainty and lack of formal protections, necessitating policy attention for sustainable worker welfare.