Uber is on the move once again!

International cab aggregator Uber has announced that drivers in several cities will be offered retirement plans through an automated investment service, Betterment.

Uber and Betterment

Betterment is an online investment adviser registered with the U.S. Securities and Exchange Commission based in New York.

In works since spring, the Uber has tied up with Betterment to execute the employee retirement program. The plan will first be offered to drivers in Seattle, Boston, Chicago and New Jersey; with soon planned expansion of the program nationwide. Registration of the program for Betterment will also be made possible through the official Uber application.

Intricacies of the Program

Traditionally, the investment company charges a small fee to maintain an account, but for Uber drivers, Betterment accounts will be free for one year. Following which, drivers will have to pay a discounted fee of 0.25 percent on the amount in their account.

For example, if a driver saved $2,000, she would pay $5.00 to Betterment. Also, in case an individual quits driving for Uber, he/she can take their Betterment account with them.

A major benefit of Uber’s retirement plan is that the program will encourage the company’s 600,000 U.S.-based drivers to inculcate the habit of saving.

This attempt of ensuring retirement benefits for its drivers further illuminates the company’s great vigor, do you agree? Please share your thoughts in the comments section below.

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