Uber issued a statement on Wednesday stating that it will cooperate with online investment and wealth management company Betterment to provide Uber drivers in Seattle, Boston, Chicago and New Jersey with a one-year investment management advisory service, and hopes to eventually extend the service to the entire United States. Help solve the driver's retirement problem.
In Uber's investment banking service for drivers, drivers can open a U.S. app called "Betterment Individual Retirement Account" (or "Roth Individual Retirement Account"). With this service, the first year is free and the initial funds for opening an account can be zero. However, if the total amount is less than 100,000 U.S. dollars after one year, it will have to pay 0.25 percent of the annual management fee, that is, 25 U.S. dollars for every 10,000 U.S. dollars.
The driver's "welfare" given in this statement is actually the result of a long-running lawsuit between Uber and drivers in various US states.
Over the years, Uber has received successive driver litigation cases from various states, among which the class action lawsuits for a total of 385,000 drivers in California and Massachusetts are particularly eye-catching. They asked the court to determine that the driver is Uber's employee and the company should provide corresponding benefits.
Last week, San Francisco’s judge rejected Uber’s settlement with the two states. Uber’s settlement amounted to 100 million U.S. dollars at the time, and the judge decided that the compensation was not fair. Because this program still treats the driver as an independent contractor, that is, the company does not need to pay for these drivers social security, health insurance, sick leave and other expenses, obviously this can help them greatly reduce operating costs. This also means that drivers need to bear their own vehicle insurance premiums, vehicle maintenance fees, and fuel costs.
After being rejected, Uber said it will continue to look for other settlements.
Via TC
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