EPFO 3.0: Universal Pension Plan for Gig and Informal Workers
Why in the news
EPFO is readying EPFO 3.0, aiming to turn itself from a formal-sector provident fund manager into a multi-source social security platform for all workers.
Key facts
- Core idea: a universal contributory pension for gig, platform, unorganised and BOCW workers, ending pension exclusion.
- Retirement products are meant to be flexible and inflation-linked; Singapore’s CPF is among models studied.
Main features
| Feature | What it means |
|---|---|
| Core Banking Solution | RBI-regulated; real-time management of 60+ crore workers |
| Target Retirement Sum | Personal goal, auto-computed contributions, live dashboard, interest on government-backed investments |
| Retirement options | At 60: annuity or pension, or Systematic Withdrawal Plan |
| Gig coverage | Code on Social Security, 2020; 2.5 crore workers targeted |
| One-to-many UAN | One UAN across employers or platforms; no duplicates |
| Multi-source funding | Workers, employers, government, CSR, NGOs, consumer tips; GPF transfer and Family Benefit Fund proposed |
Exam angle
- Abbreviations: TRS, SWP, CBS. Gig law: Code on Social Security, 2020.