PFRDA: For the first time in the country, pension for gig workers! PFRDA launches facility for 5,000 drivers..

The Pension Fund Regulatory and Development Authority (PFRDA) has launched the National Pension System (NPS) for approximately 5,000 drivers, a first-of-its-kind in the country. PFRDA, in collaboration with GoaMiles and HDFC Pension Fund, has taken this initiative for the driver community in Goa.

The Finance Ministry announced on Friday that 50 drivers were given Permanent Retirement Account Numbers at the scheme's launch ceremony.

GoaMiles will contribute to all drivers' NPS accounts. PFRDA Chairman S. Raman said that starting savings early and maintaining financial discipline are crucial for a secure retirement. He said, "Become mature before you grow old. Compounding has immense power, and if utilized early, even small savings can turn into a substantial retirement fund. NPS is built on this principle."

Why is retirement planning important?

HDFC Pension Fund CEO Sriram Iyer said that retirement planning is essential for everyone, and it's also important that everyone has access to customer-friendly financial instruments. Additionally, HDFC Pension Fund, in collaboration with Zomato, launched the NPS Platform Workers Model for its delivery partners. Finance Minister Nirmala Sitharaman formally launched the NPS Platform Workers Model on October 1st at a ceremony organized by the Public Financial Institutions (PFRDA).

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