Now Reading: Zomato, Urban gig workers save Rs 5,000 a week in NPS
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Zomato, Urban gig workers save Rs 5,000 a week in NPS
HDFC Pension has opened 1.5 lakh NPS accounts for Zomato's gig workers and 500 for Urban Company's, using the e-Shram platform for KYC. Unlike salaried employees, gig workers lack an employer-employee relationship,…
The Story in Brief
HDFC Pension has opened 1.5 lakh NPS accounts for Zomato's gig workers and 500 for Urban Company's, using the e-Shram platform for KYC. Unlike salaried employees, gig workers lack an employer-employee relationship, making pension enrolment difficult. Workers commit upfront to weekly contributions, which are deducted from their payouts. Some contribute up to Rs 5,000 a week, CEO Sriram Iyer said.
Urban Company's pilot in Jaipur saw 70% adoption, and the company is rolling out in other cities. HDFC Pension partnered with Zomato in October and Urban Company in January. The firm also built a platform, NPS Pro, that reduces account opening to three minutes.
The Indian Opinion
The NPS push for gig workers is a welcome experiment, but early numbers do not signal a pension revolution. One and a half lakh accounts from Zomato's vast workforce is a small step. Many workers live hand to mouth, and retirement is a distant worry. The high adoption in Jaipur's pilot is encouraging, but the test will be if contributions survive the grind of daily earnings in larger cities.
Source: thehindu.com
This story was synthesised by AI from the source linked above.
