Zomato, HDFC Pension join hands to Introduces ‘NPS Platform Workers Model’
New Delhi, Oct 6 (BVI): In a first-of-its-kind collaboration, Zomato and HDFC Pension have joined hands to introduce the ‘NPS Platform Workers Model’ for delivery partners onboarded on Zomato.
This new initiative by Zomato and HDFC Pension, enabled by Kfintech, the Central Recordkeeping Agency (CRA), aims to secure the financial future of Zomato’s onboarded delivery partners, said a statement by the food and goods delivery company.
“HDFC Pension’s vision of securing retirement for Indians complements Zomato’s gig-first approach, which places delivery partners at the center of its business. The collaboration focuses on their future well-being, reflecting Zomato’s commitment to supporting their livelihoods and financial security,” it said.
As per NITI Aayog’s report (2022), the number of platform workers in India is estimated to grow to 23.5 million by FY2029-30.
Currently, there exists a gap in terms of awareness as well as access to formal retirement benefits for these workers.
Due to this reason, the retirement savings rate among this specific section of the workforce is negligible.
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This collaboration will now enable those independent gig workers, onboarded on Zomato as delivery partners, to enjoy benefits such as long-term financial security in the form of a lump sum and a monthly pension at retirement, along with flexibilities such as making small, regular contributions, the statement said.
In addition, with a long-term view, the model also provides delivery partners the option of portability, allowing them to carry their benefits forward as they progress in their careers.
Digital integration has been done to make the on-boarding process smooth and hassle-free by using the existing KYC or eKYC of the gig workers, with their consent, at the PRAN generation level.
Additional details can be submitted by the gig workers subsequently.
More than 30,000 delivery partners onboarded on Zomato have already generated their PRANs (Permanent Retirement Account Numbers) after this integration and the platform is committed to enable over 1 lakh delivery partners with their NPS retirement accounts within 2025, the statement said. (BVI)
