Government Introduces Pension Scheme for Gig Workers
NEW DELHI: In a groundbreaking move to enhance social security for gig workers, the Labour and Employment Ministry is developing a transaction-based pension policy. This initiative mandates that aggregators contribute 1-2% of their annual turnover towards a dedicated pension scheme aimed at approximately one crore platform workers across India.
Key Features of the Scheme
Under this new scheme, each gig worker will receive a universal account number, facilitating deductions based on wage transactions across various platforms. Employers will be required to contribute on a per-bill basis. Discussions with state governments are currently underway, with plans to seek cabinet approval soon.
This initiative addresses the complexities of employer responsibilities, given that gig workers often engage with multiple platforms. It aligns seamlessly with the e-Shram portal, launched in August 2021, which has registered over 30.6 crore workers and integrates twelve social security schemes.
Growing Gig Economy
According to a 2022 NITI Aayog report, India had 77 lakh gig workers in 2020-21, a number that has now surpassed one crore. The workforce consists of 47% medium-skilled, 22% high-skilled, and 31% low-skilled jobs.
Future Prospects
The Social Security Code, 2020, proposed the establishment of a National Social Security Board to recommend schemes tailored for gig workers. Additionally, the government plans to extend health insurance coverage under PMJAY to gig workers, providing essential financial stability.
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This pension scheme marks a significant step towards securing the future of gig workers, providing them with much-needed financial stability and recognition in a rapidly evolving job market.
