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Gig workers have emerged as an essential part of India’s workers, especially when it comes to “fast” trade services. According to TeamLease Services HR Solutions, the company hired 70,000-80,000 employees in FY22. Although employees who now make up a significant portion of the job market make up a significant portion of the job market, they take away most of the benefits of full-time employees, forcing them to enter and leave work within months.
As a result, “fast” trading companies are seeing a shortage of staff and the immediate consequence of this has been inefficiency and delayed delivery of services. This is mainly due to the fact that concert workers face a number of challenges, including risking their lives, trying to deliver products on time, poor wages and extreme working conditions, such as recent heat waves. These and other negative factors can lead to health problems, absenteeism and job changes.
It would be advisable to treat “fast” trading companies as full-time employees, although it is commendable to treat them as full-time employees. This means offering concert workers a wide range of employee benefits, which is more serious than health insurance. Many of these employees have little or no savings, which can be very stressful for them and their families during a medical emergency. A survey conducted by the Application-Based Transport Workers ‘Federation of India (IFAT) in collaboration with the International Transport Workers’ Federation (ITF) found that 95.3% of contract workers employed in startups were unsettled. any type of insurance, health or accident.
The highest priority for commercial companies is to provide health insurance to employees. Here are the top four insurance plans that any “fast” trading company should offer to their employees to improve their quality of life, support their workforce, and attract newcomers.
Life insurance: The ongoing pandemic has led to an increase in flexible employment as people turn to concerts or self-employment. By reducing occupational safety, the safety net of a term life insurance can be very convenient and can provide peace of mind. Although group life insurance provides almost enough coverage for family or other dependents, it does provide some level of protection and is worth choosing.
How can this be used in India? Insurance companies specializing in Occupational Health Insurance in India can help fast trading companies with comprehensive medical coverage up to INR 3 lakh for their employees with no disease sub-limits, no AYUSH and no home hospital coverage. – sub-limits or limits on payment or illness.
Group health insurance: Fast-moving companies should consider incorporating gig workers into their group health insurance (GHI) plans. GHI is beneficial for both employers and employees and has many benefits over retail health insurance products. For employers, GHI is a 100 percent tax deductible. This means that companies receive the full benefit of tax deductions under various sections of the Income Tax Act when they pay for employee health. On the other hand, there are benefits such as the lack of waiting periods for workers, including the coverage of pre-existing illnesses and the inclusion of comprehensive health packages that include coverage for preventive and curative treatments.
Personal accident: Gig staff move a lot from one task or job to another, putting them at high risk for road accidents, physical injuries, and disabilities. Personal accident insurance covers medical expenses in the event of an accident, as well as temporary or permanent disability. It also provides financial security to family members if they die as a result of an accident.
Income protection: Employees of “fast” trading companies spend a lot of their time on the road, so they tend to have health problems in order to provide fast service. Income protection coverage provides the policyholder with regular income in the event of a health problem or accident, and until he or she resumes work until then.
The rate of retention in “fast” trading companies is declining as workers are changing jobs within two to three months. One way to keep them motivated is to know that they are just as important to the company as full-time employees. Commercial companies can make it “fast” by providing attractive benefits to their employees, starting with the right health insurance and showing that they care.