Due to their work structure, freelancers aren’t allotted the luxury of paid time off. To lend a hand of support, Robinhood is stepping in on their behalf.

On March 10, Robinhood recognized the day as the first ever National Freelancers Day in the U.S., according to a press release shared with AfroTech. The national day, the second Friday in March, comes on the heels of the financial service company’snew IRA with a 1 percent annual match on eligible contributions tailor made for the gig economy.”

Kicking off the celebration, Robinhood will pay 500 eligible freelancers for a full day’s worth of work.

“We believe it’s time that self-employed workers get the same level of appreciation and benefits as traditional full-time employees,” Robinhood wrote on its website. “Starting with our new IRA, we’re building products tailor-made for the freelancers, self-employed, and entrepreneurs.”

What’s more, Robinhood has partnered with Olamide Olowe, the founder and CEO of Topicals to get the message out. According to Forbes, the 26-year-old became the youngest Black woman ever to raise $10 million in funding in November 2022. While Olowe was a part of a historical moment, she wouldn’t have reached her success of running the fastest-growing skincare brand at Sephora without her own share of navigating financial hardships.

“The mindset of working in corporate America until you retire at 65 simply doesn’t work for my generation,” Olowe said according to the press release. “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.”

Robinhood has opened for freelancers to send in their submissions for the opportunity to receive the average day rate. The contest ends on April 9. 

To learn more about Robinhood’s National Freelance Day contest, click here.