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NPS e-Shramik: Now gig workers and freelancers are also going to get the facility of retirement fund. The government has launched NPS e-Shramik platform for them. With this, workers associated with platforms like Zomato, Uber or Swiggy will also be able to become part of the pension system.
New Delhi. Amid the changing work culture in the country, the government has taken a big step for gig workers and freelancers. Pension Fund Regulatory and Development Authority (PFRDA) has launched the NPS e-Shramik platform, through which now workers associated with platforms like Zomato, Uber, Ola, Swiggy, Urban Company will also be able to become a part of the National Pension System (NPS). Earlier, the benefit of NPS was available only to those working in government and private jobs, but now this facility will also reach those working independently.
Why is this plan necessary?
There are millions of gig workers in India who are not able to avail the benefits of retirement fund like full-time jobs. In such a situation, this initiative will provide them financial security. Under the new system, PRAN (Permanent Retirement Account Number) will be created for every worker, in which they will be able to deposit the amount as per their convenience. This will provide them financial stability after the retirement age and they will be able to create a pension fund like traditional employees.
Easy registration and contribution system
It is very easy to join NPS e-Shramik. First of all, PRAN number is created by verifying the worker’s Aadhaar, PAN, bank details and mobile. After this, information about name, email and nominee has to be filled. Contribution can be made in three ways – both the company and the worker together, only the worker, or only on behalf of the company. Some platforms may set a minimum contribution of Rs 99 per month, while the standard contribution under NPS will be Rs 500. The good thing is that there is no registration fee in this scheme and the annual maintenance charge has been kept at only Rs 15.
Big step towards financial freedom
Experts believe that this step will make the gig economy formal and secure in India. This will not only provide future security to freelancers and delivery partners, but will also make them aware of savings and investments. This scheme will help in teaching financial discipline to young professionals and will give them long term benefits. This initiative of the government is being considered a strong step towards the goals of ‘Self-reliant India’ and ‘Digital India’. This scheme can prove to be a boon for those people who like to work independently and stay away from traditional jobs. With regular contributions, it will become a strong means of permanent pension security for them.
