Gig workers not able to earn enough under tax net…

Gig workers working for companies like Zomato, swiggy, uber and amazon are not able to earn even Rs 2.50 lakh a year. The earnings of these gig delivery workers are not even enough to come under the purview of paying income tax in a year. This is the reason why most of them do not even have any knowledge of tax related issues. All of them are facing financial problems. According to a recent survey, the gig economy has grown rapidly. Many big companies have grown rapidly, but the employees are not able to move forward. In this survey, the opinion of more than 2000 gig workers from 40 cities was taken.

Gig workers working in companies like Zomato, swiggy and Amazon

The survey conducted by Borzo includes many tier 1, tier 2 and tier 3 cities including Delhi, Mumbai, Bengaluru, Hyderabad, kolkata and Chennai. The report says that about 78 percent of gig workers are not able to earn up to Rs 2.5 lakh in a year. Most of these employees work in big companies like Zomato, swiggy, uber and Amazon. Borzo MD Eugene Panfilov said that when people are not earning enough money to pay tax, how can they have more understanding of financial planning. All of them are busy in meeting their daily expenses.

Many benefits are not available due to not being permanent employees

people who earn short term or temporary in the service sector are called gig workers. Since these people are not permanent employees of any company, they do not get the benefits that employees get. The survey revealed that about 61 percent of gig workers are not aware of the income tax slab. Only 33.5 percent of gig workers file income tax returns. Even among those who file returns, 66 percent are filing zero returns. 42 percent of the people who did not file ITR in the survey expressed their desire to pay tax.

There are about 70 lakh gig workers in the country, this figure will increase rapidly. The survey has revealed that only 23 percent of the gig workers invest between Rs 500 and Rs 1000 in mutual funds. Also, only 26 percent are investing in the stock market. According to Niti Aayog, there are about 70 lakh gig workers in the country. By the year 2030, this figure can reach 2.5 crores. A survey conducted by Borjo last year revealed that 38 percent of these gig workers are 12th pass. Apart from this, 29 percent people have done BA, BCom and BSc.