Zomato and HDFC Pension Pave New Path for Gig Workers' Financial Security

Zomato, HDFC Pension, and KFin Technologies have launched a groundbreaking initiative to provide retirement savings benefits for Zomato's delivery partners. This collaboration introduces the 'NPS Platform Workers Model', aiming to secure the financial future of gig workers in India's burgeoning economy.

The initiative reflects a major step in supporting long-term financial stability for those in the gig economy. By enabling delivery partners to contribute to retirement savings, the scheme addresses the prevalent gap in access to pension benefits, as observed by recent reports.

With technological integration and the generation of over 30,000 Permanent Retirement Account Numbers (PRANs) in 72 hours, the model demonstrates seamless onboarding. Advocates aim to extend this financial inclusion to over 1 lakh delivery partners by 2025, setting a precedent for future financial security for gig workers.

(With inputs from agencies.)