GIG WORKERS FUND
Telangana implements gig worker rules, mandates minimum pay, social security benefits
The Telangana government has launched the Telangana Platform-Based Gig Workers Rules, which establish rights for gig workers. Chief Minister A Revanth Reddy introduced the legislation during a ceremony with Rahul Gandhi in Hyderabad. The new rules include provisions for social security benefits, minimum remuneration, and protection against arbitrary account deactivation. Shaik Salauddin from the Telangana Gig and Platform Workers Union emphasized the need for effective implementation of these rights.
MeitY examines data collection by home services platforms for physical AI training
The consultation comes amid growing interest among AI and robotics developers in first-person video and sensor data, which can help train machines to understand and replicate human actions in real-world environments. Such recordings capture how people perform routine activities, providing training inputs for robots designed to undertake physical tasks.
MeitY probes physical AI data use; Nvidia CEO Jensen Huang resigns
MeitY is reviewing the practice of collecting first-person video and sensor data from gig workers to train physical AI models. This and more in today’s ETtech Top 5.
Lenskart, Nykaa, PhysicsWallah see Q2 profits surge
New-age companies Nykaa, Lenskart, and PhysicsWallah reported strong numbers for the September quarter. This and more in today’s ETtech Top 5.
Peppermint Robotics raises Rs 100 crore led by pi Ventures, Crane Venture Partners
The company was founded in 2019 by Runal Dahiwade, and has raised Rs 150 crore to date. It also develops autonomous robots for material transportation and operates in nine countries. The US is its largest market, followed by India and western Europe, Dahiwade, who’s also the CEO, told ET.
Gig workers may get social security benefits through 2% transaction levy on businesses
The government is considering implementing a 2% transaction-based levy on aggregators to support social security for gig workers. This levy will fund benefits such as insurance, health, and maternity support for over 12 million workers. There is a consensus that this approach ensures fairness among different types of aggregators. The new scheme is expected to be launched in 2027, requiring gig workers to meet specific work criteria.
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ETtech Explainer: Food delivery, ride-hailing firms differ on gig worker welfare levy calculation
Food delivery and quick-commerce companies such as Zomato and Swiggy are seeking a levy based on the value of transactions facilitated through their platforms, while cab and bike-taxi aggregators such as Uber and Rapido want it to be calculated on their own turnover rather than the total value of rides facilitated.
Premji's deeptech bets; Razorpay gets IPO nod
Happy Thursday! Premji Invest is stepping up its bets on defence and aerospace manufacturing.This and more in today’s ETtech Morning Dispatch.
Centre sets up social security board to frame welfare schemes for gig workers
In a significant move, the Ministry of Labour and Employment has initiated the National Social Security Board, designed to improve welfare for unorganised and gig economy workers. This board will advise on the rollout and supervision of important social security programs. Scheduled to meet three times annually, it will also manage policy discussions and oversee the financial aspects of the Social Security Code.
Gig workers get a seat at the table as Centre notifies social security boards
The Ministry of Labour and Employment has notified the National Social Security Board for unorganised workers and gig workers. This board will enable the implementation of welfare schemes designed to address social security gaps. It will include representatives from government, companies, and civil society to ensure diverse input. The board is expected to meet regularly to discuss policies affecting these workers.
PhonePe rolls out NPS account opening with Rs 250 contribution, no fresh KYC
PhonePe has introduced a digital process for users to open National Pension System accounts. This new facility allows an initial contribution of Rs 250 without needing to upload documents. Users can verify their linked bank accounts using OTPs and make payments through PhonePe UPI. The service is aimed at individuals looking to start retirement planning easily and flexibly. Future expansions will include additional banking partners to enhance accessibility.
Nandan Nilekani calls for expanding Account Aggregators to reach street vendors for access credit
Nandan Nilekani emphasizes the importance of expanding the Account Aggregator framework to include self-employed individuals. He highlights the need for access to formal credit for gig workers and street vendors. By incorporating diverse financial information sources, the framework could better assess creditworthiness. Nilekani also stresses a sustainable business model for Account Aggregators to ensure sustainability. This expansion aims to create a more inclusive digital financial infrastructure in India.
Argentina citizenship by investment: $350,000 and $800,000 routes explained
Argentina is getting ready to launch its Citizenship by Investment Programme by the end of 2026. This program allows foreign investors to obtain citizenship through a $350,000 non-refundable donation or by purchasing an $800,000 government bond. However, Indians looking to apply will need to undergo checks related to their finances, security, and source of funds.
Karnataka gig workers seek implementation of welfare schemes
In a letter to the board’s chief executive officer, Indian Federation of App-based Transport Workers (IFAT) and Karnataka App-based Workers Union (KAWU) sought immediate rollout of health and accident insurance, income support during medical emergencies and temporary disablement, maternity benefits, scholarships for children of platform workers and an emergency distress fund.
Decoding MDR’s impact; EV bikes’ policy change sparks debate
Happy Thursday! The return of MDR is set to change UPI's market share game. This and more in today's ETtech Morning Dispatch.
Pension Sakhis to take retirement security cover to rural India
The Department of Rural Development and PFRDA will create Pension Sakhis across rural India. These women will facilitate pension enrolment and retirement planning for SHG members. The initiative aims to improve financial inclusion and long-term savings in rural areas. Digital dashboards and mobile solutions will strengthen outreach and monitor progress effectively. This collaboration supports sustainable prosperity and economic advancement for rural households.
100% equity NPS schemes have attracted younger investors, says Sriram Iyer, MD & CEO, HDFC Pension Fund
The multiple-scheme framework introduced last year, the lower mandatory annuitisation requirement, and the growing focus on non-government subscribers and gig workers are broadening NPS’s appeal, Sriram Iyer, MD & CEO, HDFC Pension Fund, tells Preeti Kulkarni.
Gig-worker levy: Turnover-linked formula seen as more proportionate than transaction-based levy, say Analysts
India’s proposed social-security contribution model for gig workers could have vastly different effects across platforms. Analysts say a payout-linked levy could disproportionately hit high-volume ride-hailing businesses, potentially exceeding their turnover, while a turnover-based formula would better reflect an aggregator’s economic capacity.
Block deals test valuations; gig platforms quit welfare board
Happy Friday! Block deals are putting startups’ private valuations to the test. This and more in today’s ETtech Morning Dispatch.
Uber, Eternal, Porter quit Karnataka gig and platform workers welfare board
The state government has approached other platforms to fill the vacancies. Delhivery, Namma Yatri and Yulu have responded positively and agreed to join the board, people familiar with the development told ET. So far only 15 platform companies have registered with the board, collectively representing about seven lakh gig workers.
Karnataka Assembly passes gig workers social security Bill
The Bill establishes a welfare fund for gig workers and proposes a fee ranging from 1-5% on payouts to workers for each transaction, varying by aggregator category, said labour minister Santosh Lad, while tabling the Bill.
Karnataka eyes gig fund rollout by August end; labour dept engages platforms to fix fee
The Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill 2024 has been sent by the government to Raj Bhavan with a request to issue an Ordinance. The rules will suggest differential rates of fee for services, such as ride hailing, food delivery and online retail.
Gig workers to get pension benefits as part of the social security
The ministry of labour and employment will soon introduce a policy to offer pension benefits to gig workers through the Employees' Provident Fund Organisation. This follows the announcement of health cover under the PM Jan Aarogya Yojana. The pension will be transaction-based and funded by aggregators, providing a retirement fund for gig workers.
Pension to insurance: What govt is planning as social security measures for gig workers
The labour ministry is preparing a framework for social security for gig workers, providing health insurance and pension benefits. This initiative will benefit workers from ride-hailing apps and delivery platforms. The policy will be legally binding across the country. The framework is set to be implemented before the budget in February.
Karnataka plans to levy cess on online transactions to fund welfare of gig workers
The State Government plans to levy a cess on online transactions to fund the welfare of gig workers. The government will introduce the Platform-Based Gig Workers Fund and Welfare Fee Bill to provide livelihood security and insurance. Bengaluru has an estimated 200,000 plus gig workers.
India's digital economy creates a new vote bank all parties want to woo
The rise of the gig economy during the pandemic has created a new politically significant vote bank in India. Gig workers, often young and uninsured, have become a cohesive voting bloc, with grievances that political parties are now starting to address. Measures to protect the welfare of gig workers have already been taken in Rajasthan and Karnataka, with the Congress party and Narendra Modi's government pledging social security and insurance benefits.
The great gig no longer just in the sky
The steps taken by both governments are welcome and must be rolled out Asap. But there must be clarity on who will pay for the welfare fund. Ideally, it should be the gig platforms, and the Rajasthan government must ensure that it is not quietly passed on to consumers.
Rajasthan govt announces Rs 200-crore fund for gig workers, will others follow suit?
Chief Minister Ashok Gehlot announced the enactment of the Gig Workers Welfare Act, the establishment of a board and a welfare fund of Rs 200 crore in his government's Budget for 2023-24.
Gig Workers Fund: Internet firms seek clarity on social security inputs
Online platforms, such as Amazon India, Ola, Uber and Urban Company, have asked the labour ministry to clearly define turnover, which will be used to calculate their contributiions to a proposed fund to provide social security to gig workers.
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