Robinhood Gives Gig Workers a Day’s Pay with Launch of National Freelancers Day
There hasn’t been a day dedicated to the United States freelance community, until now. Today, we’re introducing the first annual National Freelancers Day in the US.
Almost every job has a yearly moment to celebrate their profession – in fact, Employee Appreciation Day is the first Friday in March. National Freelancers Day is a moment to recognize and support the shift in the workforce and those in it who are pursuing their passions – like the entrepreneurial shop owner, graphic designer, or taxi driver. Collectively, this community contributes $1.3 trillion to the US economy.
We’re also partnering with Olamide Olowe, the 26-year old founder of inclusive beauty line Topicals to help amplify the voices of the growing, but often forgotten, gig economy. As the founder and CEO of one of the fastest growing beauty brands, and the youngest Black woman ever to raise more than $10 million in venture funding, Olamide knows firsthand many of the triumphs and struggles that come with being your own boss.
“The mindset of working in corporate America until you retire at 65 simply doesn’t work for my generation,” said Olowe. “Charting your own path allows you to have flexibility and professional freedom to pursue passion and purpose. But gig workers miss out on the financial benefits that often come with traditional employment, from workplace retirement plans with employer matches, to a paid day off.”
Freelancers and gig workers rely entirely on themselves, taking on work and building their financial futures independently. It’s why we introduced Robinhood Retirement earlier this year, our new IRA with a 1% annual match on eligible contributions,* to support those without access to a workplace retirement plan. As a part of the National Freelancers Day festivities, we’re running a contest to pay 500 eligible freelancers a full day’s worth of work*. We’re asking freelancers to tell us what inspired them to become a freelancer for the chance to win funds deposited into their Robinhood account. Those chosen can use the funds as they see fit – to spend, save, or invest.
Check out nationalfreelancersdayus.com to sign up for the contest and learn more about National Freelancers Day.
Robinhood Markets, Inc., is not affiliated with Topicals.
*A day off is defined as $192 to be deposited into a Robinhood account; $192 is calculated based on a national average of $24 an hour multiplied by eight hours.
*Contributions must come from an external source and the match is capped at the annual IRS limits for contributions. You must keep the funds that earned the match in the account for at least 5 years to avoid the possibility of a fee when withdrawn. For more information, see the IRA Match FAQs.
You must have earned income to contribute to an IRA. Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice. The Robinhood IRA is available to any customer with a Robinhood brokerage account in good standing.
All investments involve risk and loss of principal is possible.
Robinhood Financial LLC (member SIPC), is a registered broker dealer. Robinhood Securities, LLC (member SIPC), is a registered broker dealer and provides brokerage clearing services. All are subsidiaries of Robinhood Markets, Inc. (‘Robinhood’).