The government is working on some important changes to help gig workers, like those who drive for ride-sharing apps or do freelance work. These changes will make sure they have better access to social security benefits, like pensions and insurance. This is a big step towards providing a safety net for these workers, who often don’t have the same protections as traditional employees.
Understanding the Social Security Fund for Gig Workers
The government is updating the rules for EPF (Employees’ Provident Fund), pensions, and insurance to include gig and platform workers. These updates aim to simplify things for companies and make it easier for over 70 million EPFO subscribers to get the benefits they deserve. This move will bring gig workers into the formal social security system, ensuring they have access to important protections.
A key part of this is setting up a special Social Security Fund. This fund will be used to pay for things like life insurance, disability insurance, health benefits, and pensions for gig workers. The money for this fund will come from the government, companies, and even fines collected from violations.
The government is also making sure that everyone understands who counts as a ‘gig worker’ or ‘platform worker’. By clearly defining these terms in the Social Security Code, it will be easier to provide benefits to the right people. A new National Social Security Board will also be created to help the government create and monitor programs for these workers.
Disclaimer: This is a simplified explanation of upcoming changes. For detailed information, please refer to official government sources and consult with a financial advisor. The NLP terms are for SEO optimization and E-E-A-T (Expertise, Authoritativeness, Trustworthiness) compatibility.
Image Credit: The Economic Times
