Revolutionizing Retirement: HDFC and Zomato Launch NPS Scheme For Gig Economy Heroes

In a game-changing move, HDFC Bank Ltd, in collaboration with Zomato and HDFC Pension, has introduced India's first 'NPS Platform Workers Model,' designed specifically for gig economy delivery partners. Unveiled by Finance Minister Nirmala Sitharaman, this innovative scheme aims to provide long-term retirement security to millions of gig workers.

 

Key Highlights

 

Over 30,000 delivery partners have already received their PRANs within 72 hours of launch, with a target to onboard over 1 lakh by 2025.

 

The digital onboarding process leverages existing KYC and eKYC details, enabling hassle-free registration.

 

The scheme offers benefits like regular, small contributions, portability, and a lump sum plus pension at retirement.

 

The initiative aims to bridge the gap in awareness and access to formal retirement benefits among gig workers, projected to grow to 23.5 million by FY 2029-30 according to NITI Aayog.

 

This collaboration not only empowers gig workers to plan their future but also marks a significant step toward inclusive financial security.

 

Sources: PR Newswire, Times of India, Upstox, CNBC TV18