‘Uber may implement social security code for drivers by year end'
'There is a really pleasing piece of legislation called the Code on Social Security that was announced a number of years ago. We continue to talk to the government about what it will take for us to implement that. I think we are confident that that should be implemented in the second-half of this year,' he said, adding that the specifics of how the funding is rolled out, the cost of the funding, as well as the specific benefits were needed to be decided.
'If the code is in place, social security of the workers at Uber, mostly drivers, will be interoperable, which means they can benefit even if they go to Rapido or Ola,' Mr. Taylor said.
The Centre passed the Code on Social Security in September 2020, when the country experienced informal sector labour, and gig workers suffering as businesses shut due to the COVID-19 lockdown. The code expanded the definition of employees and proposed to establish a fund for social security. Contribution to the fund will be made by Union, State and the aggregator. The code lays provisions for gig workers, informal works and platform workers for life and disability cover, health and maternity benefits, old-age protection, education, and any other benefit as may be determined by the Central Government. It also provides for the creation of a National Social Security Board , which would have representation from aggregators, platform workers, Director General of the Corporation, Central Provident Fund Commissioner of the Central Board and experts.
While the code was formulated and passed in both Houses of Parliament in 2020, the Supreme Court, in a sitting in February 2025, directed the Union Government to implement the code as soon as possible and questioned the delay. , Uber has now expressed hope that the code will be implemented by year-end. Mr. Taylor said while the ride-hailing service continued to unveil new features, reaching tier-two and tier-three was a challenge that Uber was facing in India.
Uber released a host of features which included Uber for pets, and Uber for teens with increased safety features. Uber also introduced a feature to lock prices in regular routes with prepaid subscriptions, to bring down prices during peak hours. The feature is expected to be rolled out in December 2025.
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Time of India
6 hours ago
- Time of India
Centene raises Wall Street optimism that Medicaid insurers can improve profits
New York: Wall Street regained confidence in Medicaid insurers after Centene said on Friday it expects to be able to raise rates charged to states for 2026 health plans for low-income Americans and strengthen profit margins . Insurer shares rose across the board. Centene shares were up 5% in early afternoon trading after falling 16% on the company's announcement of a second-quarter loss and forecast cut. Rivals UnitedHealth, CVS Health and Humana rose 1.61%, 2.69% and 3.45%, respectively. All three report earnings next week. Centene in an earnings call reassured investors it would work with states to ensure their payments for Medicaid plans match the company's increased medical costs for 2026. "Our goal is to reprice 100%" of plans, said company CEO Sarah London. Insurers are paid a set amount by states for Medicaid plans, which are jointly funded with the federal government. Centene, UnitedHealth and Elevance have said this year that state reimbursements for these plans have lagged behind actual costs of care. Cautious investors have been looking for Medicaid health plan design changes and strategic geographic changes by the companies to reduce use of healthcare services . New work requirements for Medicaid recipients in President Donald Trump's signature tax-cut and spending bill have made some investors worry that healthy people could disenroll in coming years. The bill requires states to verify certain members are working or volunteering a minimum of 80 hours per month to qualify for Medicaid coverage starting in 2027. After a COVID-19 era requirement to keep people enrolled expired in 2023, Medicaid plans redetermined each person's eligibility. This pushed members off, changing the mix of sick and healthy participants, and some Medicaid insurers struggled. "The Medicaid redeterminations have proven to be far more disruptive than anyone thought," said Jeff Jonas, a portfolio manager at Gabelli Funds. "The entire industry is focused on restoring margin over winning new contracts and membership." More detailed data could justify midyear price increases, said Kevin Gade, chief operating officer at Bahl & Gaynor, and correct mismatched rates set by states after the pandemic. More data over the next year will also enable insurers to improve cost management techniques and raise rates paid by states, Gade said. "With enough data you can take care of the problem."
Mint
6 hours ago
- Mint
Gold price rises 200% in six years. How expensive it may become in next 5 years?
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Speaking on the gold price rally in recent years, Santosh Meena, Head of Research at Swastika Investmart, said, "Gold has long held deep emotional and financial value in Indian households. It has also gained prominence as a strategic asset among global central banks in recent years. This shift has accelerated over the past two years, particularly after the Russia-Ukraine conflict, which led to the freezing of a significant portion of Russia's foreign exchange reserves. As geopolitical tensions rise and tariff disputes continue, central banks increasingly turn to gold as a safe-haven asset, contributing to a steady rise in its price." Santosh Meena of Swastika Inestmart said several key factors drive this renewed interest in gold. One of the most notable is the weakening confidence in the US dollar. Many central banks are diversifying their reserves to reduce dependency on the dollar, and gold is emerging as the preferred alternative. Another major driver is the rising US debt-to-GDP ratio, which raises concerns about the long-term stability of the dollar and further enhances gold's appeal as a store of value. The overall geopolitical instability climate also pushes institutional and retail investors toward gold as a reliable hedge against uncertainty. On why gold prices have risen in the last six years, Sugandha Sachdeva, Founder of SS WealthStreet, said, "Gold has delivered outstanding returns of nearly 200% over the past six years, rallying from around ₹ . 34,200 in June 2019 to approximately ₹ . 97,800 per 10 grams in 2025. This exceptional performance has been driven by global macroeconomic shocks, including the COVID-19 pandemic, ultra-loose monetary policies, geopolitical tensions, and heightened financial market uncertainty." The SS WealthStreet expert said that the outbreak of the pandemic unleashed massive economic disruption and led to unprecedented monetary and fiscal interventions. Central banks across the globe slashed interest rates to near zero. They rolled out large-scale quantitative easing programs, injecting liquidity into the system and fueling inflation and currency debasement concerns. Simultaneously, real interest rates turned negative, reducing the opportunity cost of holding gold. Governments deployed aggressive stimulus measures, further expanding the money supply and reinforcing gold's role as a hedge against systemic risk. Sugandha Sachdeva went on to add that a string of geopolitical and financial flashpoints has further reinforced gold's appeal: 1] Russia-Ukraine war (Feb 2022); 2] US banking turmoil (SVB, Credit Suisse – early 2023); 3] Middle East conflict (Oct 2023); 4] Escalating US tariff war under President Trump (2025); 5] Record Central bank gold purchases; and 6] Persistent de-dollarisation efforts globally. "These tailwinds have propelled gold to fresh record highs of over ₹ 1,00,178 per 10 gm in 2025, and the environment remains supportive for structurally elevated prices over the long term," said Sugandha Sachdeva, adding, "While past returns may not be repeated at the same scale, multiple macroeconomic and structural forces point to further upside in gold over the next five years. The continued central bank purchases, strong ETF inflows, de-dollarisation drive, and rising debt levels in the US all point towards prices being meaningfully higher from current levels." On whether gold will be able to deliver this stellar performance again, "The ongoing strategic accumulation of gold by global central banks is likely to be a key pillar that would provide further strength to gold prices. Gold now comprises almost 20% of total central bank reserves against the US dollar's declining share, down from 73% in 2001 to 58% in 2025. Gold has emerged as a key beneficiary of central banks' diversification efforts. A shift towards a multi-polar currency world is eroding the dollar's dominance. Volatility in currency markets makes gold more attractive as a stable reserve asset. Furthermore, burgeoning public debt levels, particularly in the US, raise long-term fiscal risks and erode confidence in fiat currencies, making gold a crucial hedge against currency debasement." Sugaqndha said that ongoing and potential future conflicts (including economic, political, and military) will continue to elevate safe-haven demand. Beyond institutional buying, new channels of demand are emerging, such as China's insurance sector reportedly allocating 1% of its Assets Under Management (AUM) to gold, signifying growing institutional interest. ETF inflows and investor allocations toward non-yielding assets could remain strong if real yields stay suppressed. Moreover, a structurally weak rupee amplifies domestic gold price performance. Sugandha Sachdeva of SS Wealthstreet advised investors to continue investing in gold: "Gold continues to prove its mettle as a long-term store of value and a portfolio diversifier. Amid ongoing global uncertainties, rising global debt, elevated geopolitical risks, currency volatility, and policy-induced distortions, the yellow metal will likely remain a core hedge against systemic risks. Investors may consider systematic accumulation during price corrections and hold a strategic allocation over the next five years to enhance risk-adjusted returns." Regarding how much gold may become expensive in the next five years, Sugandha Sachdeva said, "Gold remains subject to intermittent corrections due to changing interest rate expectations or temporary strength in the US dollar. However, the major floor level is expected around ₹ 75,000-72000 per 10 gm, providing a strong downside cushion to prices. However, the gold price pattern suggests around ₹ 1,05,000 per 10 gm for the year, while for the next 5 years it could trend towards around ₹ 1,35,000 per gm to anywhere around ₹ 1,40,000 per 10 gm." However, Santosh Meena of Swastika Investmart believes that stellar gold price returns may continue in the next five years. Geopolitical tension and a trade war are expected to keep the demand for gold as a safe haven intact. "In terms of performance, gold has delivered an impressive 18% compound annual growth rate (CAGR) in the Indian market over the past five years. If this trajectory continues, gold prices could reach ₹ 2,25,000 per 10 grams within five years. While short-term volatility is natural, the broader structural case for gold remains intact, supported by sustained central bank buying, currency debasement concerns, and the asset's historical role as a financial haven," Santosh Meena of Swastika Investmart concluded. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
8 hours ago
- Time of India
Sri Lanka to extend its visa-free travel policy for 40 countries; India also on the list
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