The Pension and Life Insurance Fund for Overseas Indian Workers, or the Mahatma Gandhi Pravasi Suraksha Yojana, was announced by the Indian government’s ministry of overseas Indian affairs to help semi-skilled and unskilled workers save a part of their income for resettlement and retirement.
Under the plan, holders of emigration check required (ECR) passports – those who have not passed Grade 10 – will be eligible for pension benefits, return and resettlement savings, and life insurance. The ministry will also contribute to the pension and resettlement funds.
According to the plan, subscribers will contribute a minimum of 5,000 Indian rupees (Dh323) each year, with the ministry’s contributions varying depending on gender.
The government will pay 2,000 rupees for men and 3,000 rupees a year for women to make the total savings between 7,000 and 8,000 rupees a year. Benefits will be provided for five years or the period of overseas employment, whichever is less.
Interested people may open a Pension Plan account with any Bank of Baroda or State Bank of Travancore branch in the UAE.