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Oxygen chooss CPI for gig economy debit cards

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CPI Card Group Inc. (OTCQX: PMTS, TSX: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit and prepaid solutions, today announced a collaboration with Oxygen, the first digital banking platform tailored to meet the unique needs of the freelance economy.

Oxygen selected CPI to develop its first personal and business debit cards – tapping the Company’s card manufacturing experience and advanced print design services to create a payment product that embodies Oxygen’s unique financial market positioning.

Oxygen provides flexible banking to the millions of U.S. professionals who thrive on multiple income streams, contract work and freelance gigs. The company’s solutions are available through a mobile app that enables a fast, frictionless user experience. Oxygen takes a holistic approach to meeting the financial services needs of independent professionals. In CPI, Oxygen found a card manufacturer that could create a payment solution from end to end. CPI and Oxygen collaborated to develop two packages with clean and crisply-designed vertical cards that arrive nested in interactive packaging. Back-of-card personalization completes the high-end look and feel.

“At Oxygen, we understand that the physical brand experience, – including everything from the card design to the packaging appearance – matters for our creative, tech-savvy clientele. With CPI’s cost-effective scale and design strengths, we were able to deliver a sleek card to customers in a unique, memorable fashion,” said Hussein Ahmed, founder and CEO at Oxygen. “We are pleased to have such a reliable secure card provider and are thrilled to offer customers an eye-catching debit card that echoes their drive, ambition and lifestyle.”

Through CPI’s advanced personalization capabilities and packaging options, financial institutions can develop differentiated card programs that deliver a premium cardholder experience. The Company provides end-to-end support and customizability that allow businesses to create tailored products that bridge the digital and physical worlds for their brands. Additionally, CPI’s innovative manufacturing approach empowers companies to introduce exciting card designs and technology features, which can offer a competitive edge in the pursuit of top-of-wallet status.

“CPI and Oxygen share in being deeply customer-centric in everything we do. We are excited to leverage our manufacturing strengths and high-quality print and design services to achieve debit cards that match the modern, sophisticated aesthetic of Oxygen’s brand and its clients,” said Guy DiMaggio, SVP and General Manager, Secure Card Solutions, CPI Card Group. “We look forward to supporting more fintech innovators and pioneers in creating payment cards that expand the physical aspect of their brands.”  

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Deconstructing the gig economy | Yield PRO

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With control of Congress and the White House, Democrats are making labor policy one of their first priorities. Ironically enough, that’s actually bad news for independent contractors and gig economy workers across the country.

The legislation at the core of their agenda is the PRO Act, which Democrats just re-introduced with sponsors including Speaker of the House Nancy Pelosi and Senate Majority leader Chuck Schumer. Among many other things, the bill would severely restrict the legal definition of independent contractors in a way that would largely end the gig economy as we know it.

The legislators’ stated intention is to protect workers and bolster their rights under law. Through the reclassification of independent contractors, Democrats hope to force gig economy companies to hire workers as full employees and thus provide them the accompanying salaries and benefits.

“The men and women of labor are the backbone of our economy and the foundation of our strength,” Pelosi said. “With American workers seeing their lives and livelihoods devastated by the ongoing pandemic and economic crisis, the reintroduction of the PRO Act is more important than ever.

“I am proud to join my colleagues in introducing this legislation to put more money in the pockets of hard-working Americans, creating a foundation that provides livable wages to our families,” Schumer added.

The context here is crucial, because this legislation isn’t coming out of nowhere. It’s modeled after a similar but highly controversial California bill, AB 5, that likewise forced the reclassification of independent contractors.

President Biden supported AB 5 at the time, and is on the record supporting the PRO Act, too. And now that Democrats control Congress, it could pass the House and find support from the White House.

The only question would be whether it could make it through the closely-divided Senate.

It’s worth examining the sweeping impact this legislation would have on the economy.

Millions of jobs outlawed with the stroke of the pen

The PRO Act would outlaw millions of existing jobs with the stroke of the president’s pen.

After all, it would make illegal any independent contractor arrangement where the worker provides services within “the usual course of the business of the employer,” meaning jobs like Uber drivers, Doordash drivers, Instacart grocery deliverers, and more could not exist as we know them. There are roughly 10.6 million independent contractors in the US, accounting for 6.9 percent of all employment. Some of these workers might not be affected by the law and some others may get hired on as full-time as a result. But there’s little doubt that millions more would find themselves unemployed.

For example, Uber alone employs more than 1 million drivers in the US. It’s nearly certain they would all lose their jobs under the PRO Act, because Uber already runs a loss, not a profit, and adding an independent contractor as a full staff member counts roughly $3,625 per driver. Basic math tells you that most of these workers would end up being let go; Uber could even go under. After all, the California legislation nearly forced Uber and Lyft to shut down operations in the Golden State altogether until a last-minute ballot referendum modified the law.

Uber is just one company and one example. But freelance workers such as journalists, photographers, florists, musicians and more all lost work in California under legislation similar to the PRO Act.

“Transcription allowed me to stay at home, be my own boss, and control my workflow and whom I work with,” 72-year-old transcriptionist Dori Lehner told the Independent Women’s Forum. “I only have one direct client now, and I only get work when they have it. My income has dropped down to a quarter of what it was before AB5.”

“A mom-and-pop studio can’t hire me and put me on payroll for a one or two hour lecture that I do once per month,” part-time yoga instructor Jennifer O’Connell said.

“That’s wiped out so much work,” she added, explaining that she’s lost roughly three-fourths of her freelance income.

The authors of AB 5 and the PRO Act likely earnestly believed they were going to help workers like Lehner and O’Connell. But the ugly results of their policy naivete will leave many like them unemployed instead.

Unintended consequences always plague big government regulation

The lesson here is clear. The Democrats’ latest labor proposal is a case study in unintended consequences, which inevitably plague big-government interventions into a vast and diverse economy.

“Economic policies need to be analyzed in terms of the incentives they create, rather than the hopes that inspired them,” famed free-market economist Thomas Sowell wrote. “The programs that are being labeled for the poor, for the needy, almost always have effects exactly the opposite of those which their well-intentioned sponsors hope them to have.”

“It’s not enough… to endorse legislation that has a nice title and promises to do something good,” economist Robert P. Murphy wrote. “People need to think through the full consequences of a policy, because often it will lead to a cure worse than the disease.”

Nancy Pelosi and Chuck Schumer clearly haven’t thought this through. If the PRO Act becomes law, it won’t help independent workers—it will eliminate their jobs or strip them of the flexibility that attracted them to the gig economy in the first place.


Source Brad Polumbo, fee.org

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EU launches gig economy consultation

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The European Commission has launched a six-week consultation with unions and employer bodies on how to improve working conditions for digital platform workers.

On 24 February 2021, the European Commission launched the first phase of its consultation on working conditions for digital platform workers in the gig economy.

The consultation comes as the COVID-19 crisis has accelerated the digital transformation of the European economy and the expansion of the platform model: 11% of the EU workforce say they have already provided services through a platform. It will tackle particular areas of concern around health and safety and limited access to social protection and benefits for platform workers.

European trade unions and employers’ bodies will be asked to give their views on the following questions:

  • Do you consider that the European Commission has correctly and sufficiently identified the issues and the possible areas for EU action?
  • Do you consider that EU action is needed to effectively address the identified issues and achieve the objectives presented?
  • If so, should the action cover all people working in platforms, whether workers or self-employed? Should it focus on specific types of digital labour platforms, and if yes which ones?
  • If EU action is deemed necessary, what rights and obligations should be included in that action? Do the objectives presented in this document present a comprehensive overview of actions needed?
  • Would you consider initiating a dialogue under Article 155 TFEU on any of the issues identified in this consultation?

(Article 155 of the Treaty on the Functioning of the European Union provides for dialogue between employers and labour unions or representatives)

The consultation will be in two stages, and the results will feed into the legislative initiative on platform work which the EU has promised by the end of 2021.

The consultation document is available here.

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EU takes step to help ‘gig’ economy workers

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Belgium: The European Commission launched a public consultation to look into the legal employment status and conditions of gig economy workers (a labour market characterised by the prevalence of short-term contracts or freelance work as opposed to permanent jobs).

It is the bloc’s first step aimed at improving the rights of such workers, who work through digital labour platforms, such as ride-hailing or food-delivery apps.

Uber, Just Eat and Deliveroo are among some of the digital platforms used by gig economy workers in Europe.

Such platforms have been particularly in-demand during the coronavirus pandemic, as consumers turned online during lockdowns across the EU.

The gig economy debate
The gig economy allows for flexible working conditions, as well as “job opportunities and additional revenue, including for people who might find it more difficult to enter the traditional labour market,” the commission said on Wednesday.

But companies working in the sector are frequently accused of taking advantage of the self-employed status of workers to avoid covering social security payments and other benefits.

Courts in the UK and Spain have already overruled “self-employed” claims from some companies in the sector.
On Wednesday, Italy followed suit.
Prosecutors told Uber Eats, Glovo, Just Eat and Deliveroo in Italy their couriers were employees and not independent workers.

The companies were fined €733 million ($892 million) for a breach of labour safety rules. The more than 60,000 couriers must be offered non-permanent contracts with fixed pay, the Milan prosecutors’ office said in a statement.

What will the EU consultation do?
The first phase of the EU initiative will see six-week consultations with trade unions and employer organisations about their views on improving working conditions.
If labour and business representatives choose not to enter negotiations on the issue, there will be a second round of consultations on possible measures the EU could take.
If the two sides still do not come to the table after that, then the commission said it will “put forward an initiative by the end of the year.”   
Uber said it plans to work with policymakers and social groups on the proposal.       

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