PFRDA Mobile Pension Account Plan could soon make it easier for informal-sector workers to open pension accounts using their mobile phones and contribute through UPI.
The Pension Fund Regulatory and Development Authority is working on a technology-based system for this purpose.
 PFRDA Mobile Pension Account Plan
Under the proposed system, workers already registered on the government’s e-Shram database could be able to open pension accounts through a simple, few-step process on their mobile phones.
PFRDA Chairperson Sivasubramanian Ramann said the regulator is exploring this mechanism to expand pension coverage among informal workers.
The e-Shram database already contains several details that may be required for opening a pension account.
PFRDA is therefore looking at using this information to make the onboarding process simpler and reduce the need for lengthy procedures.
Pension Contributions Through UPI
Once an account is opened under the proposed system, subscribers would be able to make pension contributions using UPI.
The approach is intended to make regular retirement savings more accessible to workers who may not have a fixed monthly salary or employer-linked pension benefits.
PFRDA is also considering making the proposed service available in multiple Indian languages.
This is aimed at making pension products easier to understand and access for a wider section of workers.
 PFRDA Expands Digital Pension Access
PFRDA has already introduced NPS Tatkal, which uses UPI providers for pension-related transactions.
The proposed mobile-based system would take the digital approach further by linking pension account opening with information available through e-Shram.
Separately, PFRDA is also working on a guaranteed-return pension product for non-government subscribers.
The regulator has constituted an expert committee to examine possible products, while another initiative, NPS Swasthya, is being prepared to combine pension savings with support for hospitalisation expenses and a linked top-up insurance facility.
The mobile pension account facility is currently a proposed mechanism under development.
Details such as the final launch date, eligibility process and exact onboarding procedure will depend on PFRDA’s further announcements.
