Fintech can deliver answers for gig workers pushed to the brink
Fintech companies tackle the problem of creating a safety net for this vulnerable part of the workforce
In recent years digital platforms — such as e-hailing and delivery services — have made it possible for workers around the world to participate in the gig economy, providing a degree of formality and stability to their work. But Covid-19 has highlighted the fragile nature of work for people in the gig economy: with few benefits and protections, these people are hard hit by the crisis.
In a recent survey of 600 SA gig workers conducted as part of a year-long research project titled “The Digital Hustle: Gig Worker Financial Lives Under Pressure”, our research team found that three-quarters of the respondents experienced a decrease in income from March. More startling, 80% of gig workers now earn less than R4,000 per month, compared with 16% before lockdown...
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