Positive impactEconomy
Informal workers may soon open pension accounts via mobile, make contributions using UPI: PFRDA plan explained
Mint 55 min ago·12 Sept 2026, 9:55 am
The Pension Fund Regulatory and Development Authority (PFRDA) is proposing a major shift to make pension savings easier for India's informal workforce. The plan involves creating mobile-based accounts that allow workers to contribute money directly via UPI. This process would be streamlined by using the existing e-Shram database to verify identities and set up accounts digitally.
This initiative is significant because it aims to bring millions of unorganised sector workers into the formal savings system. By removing barriers like physical paperwork and bank visits, the government hopes to encourage long-term financial discipline and retirement security for those who often lack access to traditional financial tools.
Investors should watch for the official guidelines and timeline for this rollout. The success of this program could boost digital adoption in the financial sector and potentially impact the growth of the pension fund management industry in the long run.
Excerpt from Mint
The PFRDA plans to introduce mobile-based pension accounts for informal workers, enabling contributions via UPI through an easy digital process utilising the e-Shram database for account setup. Details of the proposal here. The Pension Fund Regulatory and Development Authority (PFRDA) may soon offer mobile-based…Read the original at Mint
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