Urban Company, a leading aggregator platform in the gig economy, has released the 6th edition of its UC Partner Earnings Index for the second half of calendar year 2023 (H2 CY23). The index, audited by JC Bhalla & Company, reveals significant insights into the earnings of Urban Company partners and highlights their remarkable performance compared to traditional job sectors in India.
Key Takeaways from the UC Partner Earnings Index:
- Top 20% Earn 50% More: The top 20% of Urban Company partners earned an average of INR 42,792 per month in H2 CY23, which is approximately 50% more than entry-level IT jobs in India.
- Earnings of High-Volume Partners: Service partners who delivered more than 30 services in a month earned an average of INR 33,469 per month, net of all commissions and costs.
- Gender Disparity: Female partners earned 23% more than male partners, with average hourly earnings of INR 363 compared to INR 294.
- Earnings Growth: Partners’ earnings increased by an average of 16% from October-December 2021 to October-December 2023.
- Insurance Claims: Over INR 5.51 crores worth of insurance claims were disbursed to over 1900 service partners in CY23.
The report highlights that Urban Company partners’ earnings are significantly higher than those in other gig economy sectors. For instance, gig workers on food delivery platforms earn an average of INR 13,581 monthly net of all costs, whereas Urban Company service partners earn over 82% more.
Urban Company’s steady investment in social protection for its partners includes free life, accidental, and health insurance cover for all partners. In CY23, over INR 5.51 crores were disbursed as insurance claims, benefiting over 1900 service partners. Additionally, the company disbursed INR 31.16 crores worth of loans, including personal and service kit loans, to service partners via third-party non-banking financial corporations (NBFCs) in CY23.
Furthermore, Urban Company conducted financial awareness workshops for its service partners in partnership with Knowise Finance Academy, investing over 14,000 hours in CY23 to train partners in modern finance management techniques across 12 cities. As part of its wealth creation initiative, Urban Company launched a Partner Stock Option Plan (PSOP), awarding stock options to over 500 service partners.
The report also emphasizes Urban Company’s commitment to promoting the dignity of labor through its ‘Chhota Kaam’ campaign, which aims to narrow the respect gap between different professions.
Urban Company’s transparent approach to partner earnings and its efforts to enhance partner well-being and financial stability highlight its commitment to empowering its workforce and driving positive social impact in the gig economy.
