In this year-end episode State of the Economy podcast, KR Srivats is joined by Rishi Agrawal, Co-founder & CEO of TeamLease Regtech, to discuss the critical issue of Social Security for Gig Workers in India.

As gig work grows, the need for structured welfare measures is becoming increasingly urgent. The conversation explores the progress made in 2024, key developments in India’s gig economy, and what the future holds for this expanding workforce.

India’s gig economy, which now includes millions of platform-based workers, has seen significant policy changes aimed at improving welfare. The Code on Social Security 2020 recognises gig and platform workers and includes provisions for life and disability insurance, health benefits, and old-age protection.

“The government has implemented several initiatives, including the Code on Social Security 2020, which recognises gig workers and provides provisions for their welfare, including insurance and health benefits.”, Rishi explains.

The discussion then moves to global comparisons, with Rishi analysing how countries like the United States, China, and Southeast Asia are addressing gig worker security. He highlights China’s regulatory efforts for its 200 million gig workers, California’s AB5 law, and models emerging in countries like Singapore and Indonesia.

“In China, the government has introduced regulations to ensure fair treatment, minimum salaries, and participation in insurance programmes for gig workers.”, Rishi notes.

At the state level in India, Rajasthan and Karnataka are leading the way with progressive laws such as Rajasthan’s Platform-Based Gig Workers Registration and Welfare Act (2023) and Karnataka’s Gig Workers Welfare Bill (2024).

Looking ahead, Rishi discusses the future of India’s labour codes, particularly the Labour Ministry’s Social Security Policy. With health insurance, pension benefits, and unique identity numbers in the pipeline for 2025, he warns that successful implementation depends on effective execution. “The key is the successful implementation of the Code on Social Security 2020... It aims to streamline access to benefits and reduce financial vulnerabilities for gig workers.”, he adds.

(Host: KR Srivats; Producer: Siddharth Mathew Cherian)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Published on December 20, 2024