In a significant step forward for the gig economy, Stride has unveiled a pioneering initiative that promises to help enhance benefits for independent workers.
Billed as the first of its kind, the Stride Contributions program, launched in collaboration with DoorDash, empowers businesses employing gig workers to contribute to individual portable benefits savings accounts.
Under the program, workers can use their funds in those flexible accounts for various purposes, including health insurance, financial benefits like emergency savings, sick leave, and more, addressing the critical needs of health coverage, tax assistance, and savings.
On top of a tool kit and services to help individuals manage their account contributions, Stride says it offers personalized guidance to assist members in choosing a suitable health plan, putting money toward financial goals, and adding personal funds.
Participating companies can also customize the program with their own criteria for rewards, incentives, and tiered levels of eligibility.
The program's debut sees Pennsylvania as ground zero, with DoorDash leading the charge with its partner “Dashers” in the state.
“We're proud that dashing has helped millions of people achieve greater financial security, but we know that outdated rules have meant there are trade-offs for those who dash more consistently and may be missing out on important benefits,” Tony Xu, DoorDash's CEO and co-founder, said in a statement.
“Instead of settling for the way it has always been done, we can continue to try new things and expand the safety net in ways that provide both flexibility and security,” he said.
The move has earned praise from Pennsylvania Gov. Josh Shapiro, who lauded the program as a significant advancement for worker rights and benefits in the state.
“My administration looks forward to seeing the results of this program, and we will continue working to protect and expand the rights of all workers in Pennsylvania,” Shapiro said.
Stride's Contributions program addresses a longstanding gap between traditional benefits systems and the realities of the modern workforce, with more than 64 million Americans today engaging in independent work.
“It's time for our benefits system to catch up to the way Americans work today,” said Noah Lang, CEO and co-founder of Stride.
In another recent development on the gig worker front, Robinhood unveiled a new program, Robinhood Retirement For Independent Workers, an IRA service launched initially for workers at Grubhub, Taskrabbit and Gopuff. That program, announced in February, has Robinhood making a matching contribution of 1 percent to 3 percent of an account holder’s contributions.
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