- PFRDA introduces NPS for gig workers with a Rs 99 contribution.
- Flexible "NPS e-Shramik" model for platform economy workers.
- Easy onboarding, worker autonomy on investment choices.
In a significant move for India's gig economy, workers associated with major e-commerce platforms such as Zomato, Swiggy, Blinkit, and Urban Company can now secure their future through the National Pension System (NPS). The initiative allows delivery partners and service professionals to begin building a retirement corpus with a nominal contribution of just ₹99.
The Pension Fund Regulatory and Development Authority (PFRDA), the apex body governing the NPS, detailed the flexibility of this new framework on Wednesday via a social media post on 'X'. The regulator highlighted that the system is specifically tailored to accommodate the varying income patterns of platform workers.
Flexible Contributions: Secure Retirement Beyond the Next Booking
Emphasising the accessibility of the scheme, the PFRDA noted that while workers can start with Rs 99, they remain free to invest at their own pace without rigid minimum or maximum annual caps. "Your work depends on your next booking, but your retirement should not," the regulator stated, underlining the goal of providing long-term financial stability to a workforce traditionally excluded from formal pension benefits.
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The "NPS e-Shramik (Platform Service Partner)" model was formally introduced through a circular dated October 29, 2025. It targets individuals providing digital services under service contracts, offering a versatile contribution structure. Under this framework, pension funds can be fueled jointly by the platform and the worker, or independently by either party.
This model is for those who provide services to users through digital platforms under service contracts. Under this framework, contributions can be made jointly by the platform and the worker, solely by the worker, or solely by the platform or aggregator on behalf of the worker.
Seamless Onboarding and Structural Design
Structurally similar to the NPS Corporate Model, this version is optimised for the gig sector. While the regulator imposes no strict limits, platforms and workers can mutually agree on specific contribution thresholds to maintain consistency. To streamline implementation, platform aggregators are not required to register with the PFRDA directly. Instead, they can partner with established Points of Presence (POPs) to facilitate worker enrollment.
The onboarding process is designed to be efficient, occurring in two distinct stages. Initially, the worker's KYC details—including PAN, Aadhaar-based e-KYC, and bank information—are gathered to generate a Permanent Retirement Account Number (PRAN). While the platform may initially select the investment scheme and pension fund, the worker retains full autonomy to modify these preferences once the account is active.
(With inputs from IANS and Jagran.com)