U.S. gig workers get support from private companies, but public policy lags

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From VentureBeatHussein Ahmed reports that the European Union has adopted regulations with rights for gig workers and discusses how private companies have addressed benefits for gig workers while the U.S. government has not enacted any protections. Hussein discusses a number of private companies that offer services to gig workers. He writes:

With independent contractors emerging as a considerable portion of the overall available skills pool, private industry has taken the lead in addressing the needs of these workers and offering affordable options for their basic protections. For example:

Trupo, which is partially owned by the New York-based Freelancers Union, provides a variety of short-term disability insurance packages to independent contractors through a sliding scale model with different levels of protection for different prices.

San Francisco-based Stride Health connects independent contractors and part-time workers with cost-effective healthcare plans, based on an analysis of individual workers’ needs and financial circumstances.

Bunker allows independent contractors to acquire insurance just for the term of work contracts, making policy length options much more flexible and conducive to contingent workers.

Traditional banking leaders are also addressing the new reality. Goldman Sachs offers a payroll deduction-based IRA to ride-sharing service drivers through its fintech group Honest Dollar, helping these drivers save for retirement.

And earlier this year, Prudential started developing tools and initiatives designed to help replicate some of the benefits traditional workers have. This includes Covered1099, a web-based tool enabling independent workers to better manage their incomes in a variety of ways, including automating the process of tax withholding, saving for paid time off or time between gigs, and purchasing insurance products.

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