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EPFO 3.0: Universal Pension Plan for Gig and Informal Workers

23 July 20261 min read
BANKING & FINANCEEPFO 3.0:Universal PensionPlan for Gig andInformal Workers23 July 2026safalsetu.com

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

FeatureWhat it means
Core Banking SolutionRBI-regulated; real-time management of 60+ crore workers
Target Retirement SumPersonal goal, auto-computed contributions, live dashboard, interest on government-backed investments
Retirement optionsAt 60: annuity or pension, or Systematic Withdrawal Plan
Gig coverageCode on Social Security, 2020; 2.5 crore workers targeted
One-to-many UANOne UAN across employers or platforms; no duplicates
Multi-source fundingWorkers, 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.

Test yourself

1. Under EPFO 3.0, gig and platform worker coverage is anchored in which law?

Gig worker coverage falls under the Code on Social Security, 2020.

2. Which country's CPF model is being studied for EPFO 3.0?

Global models, notably Singapore's CPF, are under study.

3. What does TRS stand for in the EPFO 3.0 proposal?

TRS means Target Retirement Sum, a personalised retirement goal.