Stock

Uber launches retirement plans for UK drivers

© Reuters. FILE PHOTO: The logo of the taxi company Uber can be seen on the roof of a private rental car in Liverpool, Britain, on April 15, 2019. REUTERS / Phil Noble

(Reuters) – Uber Technologies (NYSE 🙂 announced that it will launch its retirement plan for all eligible drivers in the UK months after the ridesharing service granted workers rights to its drivers in the country.

In March, Uber classified its more than 70,000 drivers in the UK as employees following a Supreme Court ruling. Uber had also announced it would offer guaranteed entitlements, including vacation pay, a retirement plan, and a limited minimum wage.

On Friday, the Silicon Valley company said it would deposit 3% of a driver's income into a retirement plan, while drivers can choose to deposit at least 5% of their qualifying income.

The UK union GMB represents Uber drivers in the country and has the right to negotiate on behalf of the workforce.

Uber and GMB also urged other ride hailing companies such as Ola, Bolt and Addison Lee to offer similar benefits to their drivers.

“I invite you to work with operators like Bolt, Addison Lee and Ola to create a cross-industry pension system. This will allow all drivers to save for their future while working on multiple platforms, ”said Jamie Heywood, an executive for Uber's Northern and Eastern European region.

Uber's drivers are automatically enrolled in a pension scheme provided by NOW: Pensions and managed by the workplace solutions provider Adecco (SIX 🙂 added the company.

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this information.

Fusion Media or any other person involved in Fusion Media assumes no liability for any loss or damage that might arise from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.

Related Articles