The work culture in the country is changing rapidly. Young people who, in the past, aspired for a permanent and stable 9-5 job are now drifting toward freelancing or gig jobs. The younger generation desires self-determination of both time and work.
But a series of individuals raised an evaluative question: will the freedom and lack of traditional work hurt their future financial security? Now, there is an answer. The Pension Fund Regulatory and Development Authority (PFRDA) has launched the e-Shramik platform under the National Pension System (NPS) for gig workers.
Why This Model Is Important
Until now, benefits like the National Pension System (NPS) or Provident Fund were available only to government or private sector employees. Millions of workers on platforms like Zomato, Swiggy, Ola, and Uber had no long-term financial security.
Now, the PFRDA (Pension Fund Regulatory and Development Authority) has filled this gap. Gig workers can also save for retirement like regular salaried employees.
The biggest benefit of this scheme is that the annual record maintenance cost has dropped from Rs 100 to just Rs 15, and there is no registration fee.
How to Enroll
Enrolling in the e-Shramik scheme is simple. First, a Permanent Retirement Account Number (PRAN) will be created. Your name, PAN, and bank details will be verified through Aadhaar-based eKYC. If the platform already has your details, they can be used with your consent. After that, your permanent PRAN will be created.
To complete your profile, you need to add parents’ names and nominee details. The nominee details must be registered within 60 days of joining the scheme.
Both the company and the employee, or just the employee or platform, can deposit money into the account. The minimum deposit is Rs 99, but as per NPS rules, a total of Rs 500 must be deposited in a year. This is great news for gig workers across the country.