Gig Worker Equity Compensation Act

Gig Worker Equity Compensation Act

This bill preempts any state law that classifies an individual providing labor or services for remuneration (i.e., an independent contractor) as an employee for purposes of wage-rate and benefit requirements.

The bill also broadens the existing Securities and Exchange Commission registration exemption for the issuance of securities as part of an employee-compensation package. Specifically, the bill applies this exemption to the issuance of securities as compensation for independent contractors.

The Government Accountability Office must report on the bill's effects. 

The Gig Worker Equity Compensation Act, also known as Bill 118 hr 2612, is a piece of legislation introduced in the US Congress. The purpose of this bill is to address the issue of equity compensation for gig workers, who are individuals who work in the gig economy as independent contractors or freelancers.

The bill aims to ensure that gig workers have access to equity compensation, which is a form of payment that gives workers a stake in the company they are working for. This can include stock options, restricted stock units, or other forms of equity ownership.

The Gig Worker Equity Compensation Act would require companies that employ gig workers to provide them with information about equity compensation opportunities and to offer them the chance to participate in these programs. The bill also includes provisions to protect gig workers from discrimination or retaliation for participating in equity compensation programs. Overall, the goal of the Gig Worker Equity Compensation Act is to provide gig workers with the same opportunities for equity compensation that traditional employees have, helping to ensure fair treatment and compensation for all workers in the gig economy.