PFRDA readies plan to onboard gig workers on National Pension System

NEW DELHI: Lakhs of gig and platform workers may soon be able to plan for their retirement savings as Pension Fund Regulatory and Development Authority (PFRDA) is working to open National Pension System (NPS) accounts for workers who are part of the e-shram database.“Under the social security code, govt has to provide social security benefits to gig and platform workers. For the pension benefit, PFRDA suggested using the e-shramik model. We are tying up with the e-shram database now, will get a consent from the gig workers and open NPS accounts for them,” chairman S Raman told TOI in an interview.These new accounts will be opened using the recently launched NPS Tatkal option, which allows subscribers to open accounts digitally and instantly through UPI-linked payment platforms, without requiring any paperwork.The e-shramik model, which was launched in Oct 2025, enables both workers and aggregators to make flexible and micro-contributions -- as low as Rs 99 -- to the account without rigid monthly mandates. It is also linked to a Permanent Retirement Account Number (PRAN) so that a worker can access it anytime, irrespective of his or her employment or platform affiliation.Utilising the e-shramik model is important as platforms have not been very forthcoming over the share and nature of contributions to be made by them towards social security benefits of workers. This provides them with a flexible option. For the gig and platform workers, this is beneficial as it allows them -- without regular earnings -- to start saving for retirement instead of deferring it.“By default, these new accounts will follow the investment pattern of NPS Sanchaya. Afterwards, if the subscriber is interested to change their investment allocations, they will have the option to do so. This will allow them steady returns and build their savings over time,” said Raman.NPS Sanchay follows a pre-defined, conservative-to-moderate investment pattern similar to govt sector NPS schemes. This is in contrast to regular NPS, where subscribers must actively choose the mix of investment between equities, corporate bonds, govt securities, and alternate assets.You use AI every day. Now get your AI Quotient. Take the AIQ test.