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Singapore's Gig Workers To Get Pensions, Insurance

The new rules will affect approximately 73,000 workers for companies such as Grab, Gojek, Deliveroo and Delivery Hero's Foodpanda

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Singapore will extend work injury insurance and pension coverage to food delivery and ride-hailing workers under proposed legislative changes that the Manpower Ministry hopes to implement as early as late 2024.

The new rules will affect approximately 73,000 workers for companies such as Grab, Gojek, Deliveroo, and Delivery Hero's Foodpanda.

Workers would be covered by the national pension system, which collects contributions from both workers and employers, and would receive work injury insurance that would cover medical expenses, income loss, and a lump sum payment for permanent disability or death.

Gig workers, on the other hand, would not be considered full-time employees entitled to paid leave and other benefits.

The government approved the changes on Wednesday, based on recommendations from an advisory committee formed to develop standards for gig worker protections.

In India, under the employment law regime, workers are classified as employees, contractual workers, contract labour and inter-state migrant workers and workers employed in the unorganised labour economy.

The gig economy, lacks the benefits of traditional full-time employment, such as life and health insurance in India. It puts gig workers at greater risk than traditional employees because they are frequently unaware of their situation. 

As a result, the gig economy remains largely untapped territory for the insurance industry. With a great opportunity to provide tailored policies, the insurance industry is considering a completely new line of insurance.

These solutions may gain strength with the government's support in encouraging more players in this space to launch customised policies.

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