New Delhi: Work culture is changing faster than ever. Earlier, most people would stay in one job or office for years, but today many are choosing to work independently as freelancers or gig workers. This marks a major shift in the economy where more individuals are moving away from the traditional 9-to-5 setup and embracing flexible, project-based work.
Why More Young Professionals Are Choosing Gig Work?
A growing number of people, especially Gen Z, are choosing not to commit to a single company. Instead, they prefer offering their skills on a project-by-project basis. This style of work gives them greater flexibility and control over their time, helping them maintain a better work-life balance, something that’s often hard to achieve in traditional full-time jobs.
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What is NPS e-Shramik Platform model?
The NPS e-Shramik Platform Service Partner model is a new initiative that allows gig workers—like those associated with Zomato, Swiggy, Blinkit, Ola, Uber and Urban Company—to enroll in the National Pension System (NPS). This means they can now start building a retirement fund just like regular salaried employees.
So far, benefits like NPS or PF were mainly available to those working in government or private jobs, leaving gig workers without a long-term financial safety cushion. To fix this gap, the Pension Fund Regulatory and Development Authority (PFRDA) has introduced this scheme, ensuring gig workers also have financial security for the future.
How Gig Workers Can Register for the Scheme
The registration process for gig workers under the NPS e-Shramik model happens in two simple steps:
Phase 1 – Quick PRAN Creation
First, the worker’s basic details like name, address, PAN, mobile number and bank information are verified. This can be done easily using Aadhaar-based eKYC or other approved methods. If the platform (like Swiggy or Ola) already has these details, they can be used directly with the worker’s consent. Once verified, a Permanent Retirement Account Number (PRAN) is generated. During this step, the worker or the platform can also select the pension fund and investment option, which can be changed later if needed.
Phase 2 – Completing Profile Details
Next, the worker needs to add additional details such as their parents’ names, email ID and nominee information. It’s important to note that nominee details must be filled in within 60 days of joining the scheme.
How Will the Contributions Work?
The contribution system under this model works much like the Corporate NPS structure. There are three ways contributions can be made to the worker’s pension account:
Joint Contribution: Both the company (like Zomato or Ola) and the gig worker pay into the account.
Worker-Only Contribution: Only the gig worker contributes.
Company-Only Contribution: Only the platform or company contributes on behalf of the worker.
Platforms can also set a minimum contribution amount for each deposit—for example, Rs 99 per month. However, as per NPS rules, the standard minimum contribution overall remains Rs 500.
Importantly, there are no registration or contribution fees for workers under this model. Plus, the annual record maintenance charge has been significantly reduced—from Rs 100 to just Rs 15 per year.
To truly benefit from this pension system, gig workers are encouraged to make contributions regularly so their savings can grow over time through the power of compounding.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: ZEE News
