Urban Company and HDFC Pension Launch NPS Initiative for Over 50,000 Platform Workers in Mumbai
In a significant move to bolster financial security for India's gig economy, Urban Company has announced a strategic partnership with HDFC Pension Fund Management in Mumbai. This collaboration aims to roll out the National Pension System Platform Workers Model, providing access to a PFRDA-regulated retirement scheme for more than 50,000 service professionals on the Urban Company platform.
Simplified Digital Enrollment for Retirement Planning
The initiative allows voluntary enrolment into the retirement scheme through a streamlined, digitally integrated process designed to support old-age security. Participants can easily set their contribution amounts and build a retirement corpus by making small, regular payments. This flexible approach enables platform workers to plan for their future without financial strain.
Benefits from the scheme can be withdrawn in multiple ways, including as a lump sum or through fixed-interval payouts such as monthly payments. The platform offers additional advantages like portability across different platforms, ensuring that workers can maintain their pension plans even if they switch jobs or platforms.
Enhanced Accessibility and Awareness Campaigns
Urban Company has committed to driving awareness and improving access across its extensive service partner network. The process includes digital KYC and onboarding, making it convenient for workers to sign up without extensive paperwork. This effort is part of Urban Company's broader investments in partner welfare, which already encompass skill development, insurance coverage, access to credit, and income stability initiatives.
Abhiraj Singh Bhal, co-founder and CEO of Urban Company, emphasized the company's dedication to creating a sustainable and inclusive ecosystem. He stated, "This builds on our longstanding investments in partner welfare and reinforces our commitment to a more sustainable and inclusive ecosystem."
Addressing the Needs of India's Growing Gig Workforce
Sriram Iyer, managing director and CEO of HDFC Pension, highlighted the importance of this initiative for India's evolving workforce. He noted, "Gig and platform workers are an indispensable pillar of India's workforce. There is a strong need to provide them access to structured retirement solutions. Through our association with Urban Company, we are taking another productive step towards bridging this gap by making the National Pension System more accessible, simple, and digitally enabled for platform workers."
This initiative reflects HDFC Pension's commitment to expanding pension coverage and supporting long-term financial security for India's growing gig economy. According to projections, India's platform workforce is expected to reach 23.5 million by 2030, yet many remain outside formal retirement planning due to limited awareness and access.
HDFC Pension's Track Record and Urban Company's Platform Overview
HDFC Pension, established in 2011 and licensed by PFRDA to manage pension corpus under the National Pension System, is a wholly owned subsidiary of HDFC Life. The company has already onboarded close to one lakh gig workers under the Platform Workers Model through various tie-ups, enabling small, periodic contributions with options for lump-sum withdrawals and pension benefits upon retirement.
Urban Company operates a technology-driven platform that connects customers with home and beauty service professionals. According to its FY26 Earnings Index, the average monthly net earnings for active service professionals stand at Rs 28,322, with the top 5% earning Rs 51,673. All active service professionals receive group life and accidental insurance, including life cover up to Rs 10 lakh and disability cover up to Rs 6 lakh, further enhancing their financial security.
This partnership marks a pivotal step in addressing the retirement planning needs of platform workers, offering a robust framework for long-term financial stability in India's dynamic gig economy.
