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India’s pension policy to benefit 600,000 expats in UAE
Sajila Saseendran / 30 October 2013
Indian minister launches pension and insurance scheme for blue-collar workers who contribute to the scheme.
An estimated 600,000 Indian blue-collar workers in the UAE can now receive financial aid from their government for up to five years before they return home, provided they contribute to a new social security scheme launched on Monday.
The Minister of Overseas Indian Affairs Vayalar Ravi officially launched the ministry’s ‘ambitious project’, Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) pension and insurance scheme, at the Indian Consulate in Dubai.
The objective of the scheme is to encourage and enable overseas Indian workers by giving co-contribution to save for their return and resettlement in India, save for their pension and obtain complimentary life insurance cover during the period of overseas employment. Presently, the scheme is for a maximum period of five years or till the worker returns to India before that.
Ravi said the government will contribute Rs1,000 per annum for subscribers who save between Rs1,000 and Rs12,000 per year. An additional Rs1,000 per year will be contributed for women subscribers. The ministry will contribute Rs900 towards return and resettlement of the workers who save Rs4,000 or more per year. The scheme also provides free life insurance coverage while working outside India.
The minister appealed to the workers to think about the future of their families and save money for them. Workers who have an Emigration Clearance Required (ECR) stamp on their passports are eligible to join. An estimated 600,000 workers here are expected to benefit from the scheme, said K.V. Rama Moorthy, Chief Executive, GCC Operations, Bank of Baroda, one of the two service providers in the UAE,
Indian Ambassador to the UAE M.K. Lokesh said the Indian Embassy would start an outreach programme with major employers of Indian workers to encourage the eligible employees to enroll. “We will work with the Indian Workers Resource Centre and community associations to spread the word.”
About 200 workers from various companies were present at the function. A few dozens who were the first to enroll in the scheme, were given welcome kits by the minister. Senior Indian officials and ambassadors of Oman, Bahrain and Saudi Arabia were also present.
http://www.khaleejtimes.com/kt-arti...ber/community_October14.xml§ion=community
Sajila Saseendran / 30 October 2013
Indian minister launches pension and insurance scheme for blue-collar workers who contribute to the scheme.
An estimated 600,000 Indian blue-collar workers in the UAE can now receive financial aid from their government for up to five years before they return home, provided they contribute to a new social security scheme launched on Monday.
The Minister of Overseas Indian Affairs Vayalar Ravi officially launched the ministry’s ‘ambitious project’, Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) pension and insurance scheme, at the Indian Consulate in Dubai.
The objective of the scheme is to encourage and enable overseas Indian workers by giving co-contribution to save for their return and resettlement in India, save for their pension and obtain complimentary life insurance cover during the period of overseas employment. Presently, the scheme is for a maximum period of five years or till the worker returns to India before that.
Ravi said the government will contribute Rs1,000 per annum for subscribers who save between Rs1,000 and Rs12,000 per year. An additional Rs1,000 per year will be contributed for women subscribers. The ministry will contribute Rs900 towards return and resettlement of the workers who save Rs4,000 or more per year. The scheme also provides free life insurance coverage while working outside India.
The minister appealed to the workers to think about the future of their families and save money for them. Workers who have an Emigration Clearance Required (ECR) stamp on their passports are eligible to join. An estimated 600,000 workers here are expected to benefit from the scheme, said K.V. Rama Moorthy, Chief Executive, GCC Operations, Bank of Baroda, one of the two service providers in the UAE,
Indian Ambassador to the UAE M.K. Lokesh said the Indian Embassy would start an outreach programme with major employers of Indian workers to encourage the eligible employees to enroll. “We will work with the Indian Workers Resource Centre and community associations to spread the word.”
About 200 workers from various companies were present at the function. A few dozens who were the first to enroll in the scheme, were given welcome kits by the minister. Senior Indian officials and ambassadors of Oman, Bahrain and Saudi Arabia were also present.
http://www.khaleejtimes.com/kt-arti...ber/community_October14.xml§ion=community
