Govt. Sponsored Pension, Life Insurance For Overseas Indian Workers

With a view to benefiting overseas Indian workers, particularly those who are in Gulf countries, the government on Saturday 7th January 2012 launched a special pension and life insurance scheme that would benefit over 5 million Indian unskilled and semi-skilled workers employed on temporary contract visas.

The government has sponsored a special fund called pension and life insurance fund which will be used by low-paid workers to partly contribute their proceeds to pension and insurance cover. The new scheme was announced on the occasion of 10th Pravasi Bharatiya Divas saying that it will encourage overseas workers to voluntarily save money for their resettlement and old-age. Moreover, the new scheme is entirely voluntary, mentioned for those who are interested to take.

Traditionally, the overseas Indian workers have been excluded from access to retirement savings schemes and formal social security available to residents of the ECR countries. Any Indian worker going for employment in ECR countries has to get an emigration clearance from the Protector of Emigrants. The proposal scheme seeks to help this group of NRIs.

Under the scheme, the government will contribute Rs.1,000 per annum for all fund endorsers who contribute between Rs.1,000 and Rs.12,000 per year. Besides this, government will contribute Rs.1,000 per annum for workers who contribute Rs.4,000 per annum towards return and resettlement.

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