Robinhood is rolling out a retirement savings plan for certain gig workers, targeting a growing cohort of people who may not have access to traditional 401(k) options.
The new program, called Robinhood Retirement for Independent Workers, will be available to people who find work through Taskrabbit, Grubhub, and Gopuff starting the first week of March.
“A growing number of people are moving away from the usual 9-5, shifting towards freelancing and side hustles to make a living. But traditional systems haven’t caught up,” Robinhood said in a release Wednesday.
While most gig workers treat the job as a side hustle, many are utilizing the platforms as their primary income source. It’s a struggle to save for the future without access to retirement plans that are generally reserved for full-time employees. Robinhood shared a statistic that found more than 50% of independent workers don’t believe they have “effective access to retirement and savings plans.”
Under the new offering, Gopuff, Grubhub, and Taskrabbit gig workers will earn a boosted match ranging from 1% to 3% for the first year. They’ll also have access to a dedicated phone hotline for financial questions through the nonprofit GreenPath Financial Wellness. Robinhood said it expects to add more partners, but didn’t provide additional details.
Login to add comment
Other posts in this group
In May of 1995, the video game industry hosted its first major trade show. Electronic Entertainment Expo (E3) was designed to shine a spotlight on games, and every major player wanted to stand in
Robinhood cofounder and CEO Vlad Tenev channeled Hollywood glamour last month in Cannes at an extravagantly produced event unveiling of the trading platform’s newest products, including a tokenize
In the mid-1990s, Hollywood began trying to envision the internet (sometimes called the “information superhighway”) and its implications for life and culture. Some of its attempts have aged better
Ever since AI chatbots arrived, it feels as if the media has been on the losing end o
Aside from the obvious, one of the best parts of the work-from-home revolution is being able to outfit your workspace as you see fit.
And if you spend your days squinting at a tiny lapto
Child psychologists tell us that around the age of five or six, children begin to seriously contemplate the world around them. It’s a glorious moment every parent recognizes—when young minds start
During January’s unprecedented wildfires in Los Angeles, Watch Duty—a digital platform providing real-time fire data—became the go-to app for tracking the unfolding disaster and is credit
