Uber drivers still don't make the cut as full-time employees,Watch Four Riders (Hellfighters of the East) Online but now at least they have a better chance at retirement.
Uber is partnering with Betterment, the "investing made better" robo-advisor for retirement and other investment goals. Uber drivers will be able to open Betterment accounts through Uber, with their first year on Betterment free.
"Now, drivers can use the same innovative app that gives them complete control over their time and schedule to have the opportunity to take control of their financial future as well," Uber said in a blog post announcing the partnership.
So far, drivers in Seattle, Boston, Chicago and New Jersey are eligible for the program. As independent contractors, they will open a Roth IRA rather than a 401k. Drivers' Betterment accounts will be accessible directly through the Uber app.
"Uber presents a unique opportunity, given its scale and reach and need to provide retirement solutions to that many independent workers," said Betterment co-founder and President Eli Broverman.
Betterment has partnered with businesses before, but only to supply investing services for full-time employees. This is the first time the startup has partnered with a company to reach independent workers.
Since the announcement of the program, Uber drivers have signed up in droves, Broverman said, though he declined to disclose exact numbers. The announcement has also been a boon for Betterment as a whole, inspiring sign-ups outside of Uber.
The two companies hope to expand their partnership to all Uber drivers nationwide within the next year.
Uber is still caught up in the larger question of whether its workers should qualify as employees. The ride-hailing giant tried to settle a lawsuit over that question for $100 million, but the settlement was rejected by a judge earlier this month. For now, drivers are still contractors, without any of the rights of full-time employees.
But they do have Betterment accounts.
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