Polite, slightly formal noun referring to the current era or state of society. Often used in the phrase このご時世 (in this day and age) to comment on contemporary circumstances.
In this day and age, such an old-fashioned way of thinking doesn't work.
Given the times, online meetings are increasing.
Standard polite spelling with honorific prefix ご.
Formal or literary spelling using the kanji 御 for the honorific prefix; less common in modern writing.
Combination of the honorific prefix ご and 時世 (times, age). 時世 itself is a compound of 時 (time) and 世 (world, society).