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Home»Personal Finance»Gig Workers Left High and Dry When It Comes to Benefits
Personal Finance

Gig Workers Left High and Dry When It Comes to Benefits

September 27, 2024No Comments3 Mins Read
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The concept of the “gig economy” is frequently discussed, yet it is challenging to precisely define or quantify. The Bureau of Labor Statistics, the primary source of U.S. workforce data, does not have a specific definition for the gig economy or gig workers. Instead, they categorize workers as independent contractors, on-call workers, contingent and temporary workers, and electronically mediated workers (such as those who find work through apps like Uber and DoorDash).

One common thread among this diverse and expanding segment of the workforce is the lack of access to typical benefits that full-time employees enjoy, like health insurance, paid time off, and retirement contributions. Noah Lang, the CEO of Stride, a company that assists independent workers in managing their financial affairs, notes that there are gaps in our benefit system that are becoming apparent.

A recent survey conducted by Stride in collaboration with Mastercard revealed that 75% of independent workers surveyed do not receive any employer benefit contributions, and 92% do not receive health-specific contributions. The survey included both independent “1099” workers and some “W-2” workers who have limited formal benefits.

In a parallel study carried out in 2016, it was estimated that 27% of the workforce engaged in gig work.

The gig economy has been steadily growing for some time, but experienced a significant increase during the pandemic due to heightened demand for delivery services and the shift towards remote work. According to Lang, “When the pandemic hit, there was a shift towards working from home and a greater flexibility in terms of where people could find employment. This trend was already in motion, but the pandemic accelerated it, while also increasing our reliance on gig services.”

Lang notes that the gig workforce is diverse, with some individuals working full-time, others juggling multiple jobs, and some using gig work to supplement their income. However, the current benefits system, established in the late 1940s when most workers held one job for life, does not adequately support today’s workforce. “The average American now has over 12 jobs in their lifetime, even in full-time employment,” Lang explains.

Beyond just temporary workers, Lang highlights the inadequacy of a benefits system tied solely to traditional employment, as more workers move between jobs or piece together multiple gigs. He points out that there is a growing segment of hardworking individuals in the U.S. labor force who lack access to benefits and must navigate this challenge on their own.

(Source: Photo by Mario Tama/Getty Images)

Benefits Dry Gig high Left workers
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