A new report by Momentum Works estimates Singapore’s Platform Workers Act could raise industry costs by about US$368 million annually over the next five years.

The costs are primarily linked to required employer mandatory social security savings (CPF) contributions and workplace injury compensation insurance.

The “Transforming on Demand Platform Work” report examines the financial impact of gig worker laws in Singapore and globally.

It projects that workplace injury compensation insurance alone could cost the sector up to US$32 million each year.

Singapore’s approach identifies platform workers as a distinct category requiring protections in areas such as social security, injury compensation, and representation.