Bolt, one of the prominent players in the ride-hailing industry, is making a significant move to support its workforce. Starting from May 1, 2024, Bolt will roll out a pension scheme tailored specifically for its 65,000 registered private hire vehicle drivers across the UK.
Partnering with Aviva, this initiative allows drivers to contribute 5% of their fees from each completed trip into their pension pot, with an additional 3% contribution from Bolt.
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This innovative scheme strikes a balance between drivers’ desire for flexibility and the need for long-term financial security. Structured as a private group personal pension plan, drivers will directly contract with Aviva, enabling them to enjoy the benefits of a pension while maintaining their status as independent contractors. What’s more, Bolt covers all joining costs for drivers and offers the option to invest in a Sharia fund.
Crucially, the scheme removes the earnings criteria typically associated with workers’ pensions, ensuring that drivers qualify for the 8% pension contribution regardless of their weekly earnings. This move underscores Bolt’s commitment to supporting its workforce and providing them with essential financial planning tools for the future.
Bolt’s introduction of a flexible pension scheme is a testament to the evolving landscape of the gig economy. As companies vie for workers in this competitive sector, initiatives like these not only enhance employee benefits but also drive improvements in pay and conditions, heralding what should lead to a positive shift in the perception of the industry.