Exhibit (d)(1)(iii)

Exhibit (d)(1)(iii)

May 1, 2021

Voya Variable Portfolios, Inc.

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Suite 100

Scottsdale, AZ 85258

Ladies and Gentlemen:

By this letter dated May 1, 2021, we have agreed to waive a portion of the management fee payable to us under the Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Investments, LLC and Voya Variable Portfolios, Inc. (the "Agreement"), with respect to Voya Emerging Markets Index Portfolio (the "Portfolio"), a series of Voya Variable Portfolios, Inc., in the amount of 0.27% per annum, as if the management fee specified in the Agreement were 0.38%. By this letter, we agree to waive that fee for the period from May 1, 2021 through May 1, 2022.

Voya Investments, LLC acknowledges that any fees waived during the term of this Agreement shall not be eligible for recoupment at any time in the future.

Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Directors of Voya Variable Portfolios, Inc.

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