Gig economy workers need banking support -

Submitted by xaltamirano_rosas on Tue, 06/20/2023 - 14:59

New regulations in Singapore will mean some of Asia’s largest fintechs will have to comply with stricter new rules on supporting their gig economy staff. But across the industry worldwide, these employees are missing out on vital access to financial services. Under the new rules, to be implemented from 2024, staff working for the likes of ride-hailing firms Grab and its competitor Gojek will be required to provide pension support and compensation for accidents that happen while working. There are currently more than 73,000 gig economy workers in Singapore. Jeremy Baber, CEO of UK-based prepayment card company Lanistar, says there is a need for greater reform and support for gig economy workers. “There are pros and cons to the gig economy. Obviously, for the individual, that assumed freedom to work when and where they want provides great flexibility, but it comes at a cost,” he says. “We have all seen in the press the varied levels of payment for their service and the lack of basic protection, such as sick pay and maternity pay. There is a fundamental need to balance the benefits to ensure this sector thrives.” 

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