Newz Desk, Durgapur: The work culture across the country is changing rapidly. The young generation that once looked for stable 9-to-5 jobs is now increasingly turning toward freelancing or gig work. The new generation wants control over their own time and workload. But amid all this, one major question remained: Would this freedom and flexibility in choosing one’s work put their future financial security at risk?
At last, it seems we have an answer.
The Pension Fund Regulatory and Development Authority (PFRDA) has, in a way, responded to that concern. For gig workers of this kind, the NPS or National Pension System’s e-Shramik platform has been introduced.
Until now, benefits like the National Pension System or Provident Fund were available only to government and private-sector employees. Millions of workers associated with platforms such as Zomato, Swiggy, Ola or Uber had no long-term financial security.
Now, this new scheme by PFRDA fills that gap. Gig workers can also build a retirement corpus just like salaried employees.
One of the biggest advantages of this new scheme is that the annual record-maintenance cost has been reduced from ₹100 to just ₹15, and there is no registration fee.
How to Enroll
The registration process for this e-Shramik scheme is quite simple.
First, a Permanent Retirement Account Number (PRAN) will be created, and your basic details such as name, PAN number, and bank information will be verified through Aadhaar-based e-KYC.
If platforms like Rapido already have your details with prior consent, they can be used directly for the process. After verification, your permanent PRAN will be generated.
To complete the profile, you must add your parents’ names and nominee details. Remember, nominee information must be updated within 60 days of joining the scheme.
Both the organisation and the worker, or only the worker, or only the platform—any of these three options can be used to contribute to the account.
The minimum contribution is ₹99, though as per NPS rules, a total minimum of ₹500 per year must be deposited.
This is a significant opportunity for gig workers across the country.
Image courtesy@internet
