FM Nirmala Sitharaman Calls for Wider Pension Coverage for Women and Gig Workers

India’s Finance Minister Nirmala Sitharaman has called for an expansion of the National Pension System (NPS) to ensure greater inclusion of women, gig workers, and those employed in the informal sector. The minister stressed that a more inclusive pension framework is essential to provide long-term financial security to groups traditionally left out of formal social protection schemes.

Speaking at a policy event, Sitharaman noted the rapid growth of India’s gig economy and the pressing need to bring such workers into structured savings and retirement plans. She also highlighted the need for special focus on women, many of whom continue to work in unorganized sectors with limited access to financial planning tools.

Financial Literacy a Key Priority

The Finance Minister further underlined the importance of financial education at an early stage, suggesting that financial literacy modules be introduced in schools and colleges. According to her, equipping young women with knowledge of financial planning and savings will help ensure long-term empowerment and independence.

“Women, especially in rural and semi-urban areas, must be supported with awareness and access to pension schemes. The NPS has the potential to become a tool for inclusive financial security,” Sitharaman said.

Addressing Informal and Gig Workforce Needs

Experts estimate that nearly 80% of India’s workforce is in the informal sector, while millions of young professionals are engaged in gig work, often without formal retirement savings. Expanding the NPS to cover these groups could significantly enhance social protection.

Policy analysts believe that greater outreach and simplified enrollment processes, combined with targeted awareness campaigns for women, could help bridge the gap between formal and informal workers in terms of financial security.

A Step Towards Inclusive Growth

The push for pension coverage aligns with the government’s larger goal of inclusive economic growth. By focusing on women and gig workers, policymakers hope to reduce vulnerability and ensure more equitable access to financial safety nets in the years ahead.