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India to launch pension scheme for workers in Gulf

Jul 05, 2013

Under the scheme, Government contributes Rs.1,000 per annum for men and Rs. 2000 for women subscribers of MGPSY who save between Rs.1,000 and Rs.12,000 per year in NPS-Lite.

India’s Mahatma Gandhi Pravasi Surakhsa Yojna, MGPSY, a pension scheme for blue-collar Indian workers would be launched in the Gulf next month. This was announced by the Secretary, ministry of Overseas Indian Affairs at a press conference in Riyadh yesterday.

He said that Saudi Arabia has large number of Indian workers who will be benefitted by this Pension and Life Insurance fund scheme. The MGPSY is aimed at helping the workers to save money for their retirement, their return to India and resettlement and provides life insurance cover against natural death during the period of coverage. Under the scheme, Government contributes Rs.1,000 per annum for men and Rs. 2000 for women subscribers of MGPSY who save between Rs.1,000 and Rs.12,000 per year in NPS-Lite.

The Ministry of Overseas Indian Affairs provides additional government contribution of Rs.900 towards Return and Resettlement of the overseas Indian workers who save Rs.4,000 or more per annum. The Pension and Life Insurance fund scheme, is applicable for the Overseas Indian workers having Emigration Check Required, ECR passports. The gulf region accounts for a large chunk of blue collar Indian workers engaged in various sectors and the scheme would be of great help to them.

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