PFRDA to expand India's pension network via mobile and UPI

The Pension Fund Regulatory and Development Authority (PFRDA) is developing digital solutions to expand pension coverage for India’s unorganised sector workers. The initiative aims to simplify registration and contributions through mobile-based platforms, specifically targeting those without regular employer-backed benefits.

A key component of this strategy is the use of the Unified Payments Interface (UPI) to facilitate easy, small, and regular digital contributions. PFRDA Chairperson Sivasubramanian Ramann noted that the goal is to enable workers to open pension accounts via a simple, few-click process on their mobile phones.

To streamline the onboarding process, the PFRDA plans to utilize the e-Shram database maintained by the Ministry of Labour, which contains verified information on a large number of workers. Additionally, the authority is focusing on multilingual support to ensure services are accessible across different regions and language groups. The PFRDA is also exploring the development of pension products that offer guaranteed returns for the non-government sector.