India Labor Ministry mulls multi-manager social security for gig workers
India's Labor Ministry is considering a fresh social security plan just for gig and platform workers: think delivery partners, ride-hailing drivers, and freelancers.
Instead of one manager handling everything, the scheme may use several fund managers to make sure things run smoothly and no one gets overwhelmed.
The EPFO, the agency that manages provident funds, will likely handle savings, while other managers look after pensions.
EPFO upgrades technology with diverse funding
The EPFO is upgrading its technology to support this move, with funding coming from governments, companies using gig workers, the workers themselves, and even CSR contributions.
There is already a similar system running for unorganized sector workers, so there is some proof this approach works.
With India expected to have 23.5 million gig and platform workers by 2029-30, according to Niti Aayog, this scheme aims to give them much-needed financial safety as their numbers keep growing.