Archive · 12 Sep 2026
PFRDA Plans Mobile Pension Accounts and New Retirement Products
India’s pension regulator wants more informal workers to save money for retirement.
It is considering a simple mobile system that uses information from the e-Shram database.
Workers could open an account with a few clicks and add small amounts through UPI.
The service may be offered in several Indian languages.
PFRDA is also working on a pension plan with guaranteed returns, but it still needs to decide who will provide the guarantee.
Another planned service, NPS Swasthya, could help people pay hospital bills using part of their pension savings.
Extra insurance could cover some of the remaining hospital costs.
The regulator is also adding pension funds and studying investments that could protect against inflation.
PFRDA is exploring mobile-based pension accounts for informal workers using existing e-Shram data.
Workers could open accounts through a few mobile clicks and make small contributions via UPI.
The regulator is developing a guaranteed-return pension product for non-government subscribers.
NPS Swasthya may let subscribers use pension savings for hospitalisation and access linked top-up insurance.
PFRDA is also examining inflation-protected bonds, while Bank of Baroda received approval to establish a pension fund.
- Who
- The Pension Fund Regulatory and Development Authority, led by chairperson Sivasubramanian Ramann, is developing the proposals for pension subscribers, especially informal workers.
- What
- PFRDA is considering mobile pension accounts with UPI contributions, a guaranteed-return product, NPS Swasthya, and additional pension-fund and investment measures.
- When
- The mobile account proposal is under consideration; NPS Swasthya guidelines are expected in the next few days, with rollout shortly afterward.
- Where
- The proposals concern India’s pension system and are intended to be accessible through mobile phones in multiple Indian languages.
- Why
- The measures aim to make retirement savings easier for informal workers and expand pension and health-related financial options.
- Proposed account process
- Eligible workers could use existing e-Shram information to open pension accounts through a few mobile-phone clicks.
- Contribution method
- Subscribers could make pension contributions through UPI.
- Target group
- The proposal primarily targets informal workers without regular monthly salaries or income-tax payments.
- Guaranteed-return product
- PFRDA is examining a guaranteed-return pension product for the non-government sector through an expert committee.
- Guarantee challenge
- PFRDA has not yet determined who would provide the guarantee, unlike the Unified Pension Scheme for government employees.
- NPS Swasthya
- The planned facility would allow part of accumulated pension savings to be used for hospitalisation, with linked top-up insurance for the remaining amount.
- Pension funds
- Four new pension funds were added to the existing 10, bringing the total to 14; Bank of Baroda received in-principle approval to establish one.