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Government of India’s pension scheme for expatriate labourers gets wings
By Imran Mojib April 28, 2014
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ABU DHABI: A major section of UAE-based blue-collar workers from India are expected to benefit from the Government of India’s Pension and Life Insurance fund scheme as a new service provider has promised easy reach and greater awareness.

Alankit Assignments, one of the eight service providers approved by the Government of India, has partnered with the UAE Exchange to offer the scheme, called Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY), for the overseas Indian workers with an ECR stamp on their passports.

Ambassador of India to the UAE TP Seetharam handed over the subscription card to first two workers at a function held in Abu Dhabi on Sunday to mark the launch of the service.

Speaking on the occasion, the ambassador said that the objective of the scheme is to encourage and enable the overseas Indian workers by giving government contribution to save for their return, resettlement and  old age and obtain a Life Insurance cover.

This integrated social security scheme helps them to save regularly for their resettlement, old age pension and an insurance cover. To join the scheme the subscribing Non-Resident Indian (NRI) worker should contribute Rs5,000 per year, while Government of India will contribute Rs2,900 for men and  Rs3,900 for women.

The scheme was launched in the UAE in October 2013, but failed to take off due to lack of awareness and accessibility to the only service provider. However, the new service provider has promised to bring it within easy reach of the blue-collared workers with the help of  the UAE Exchange’s network of over 130 branches spread across the UAE.

Y Sudhir Kumar Shetty, UAE Exchange’s COO for Global Operations, promised to go that extra mile to broaden the horizons to benefit the Indian workers who do not live in cities.

“We will also launch an awareness campaign among labourers about the scheme which has been designed to help them save for  a rainy day,” he said.

Alok Kumar Agarwal, Chairman & Managing Director of Alankit Group, said the company’s presence in the UAE for the past decade gives it a unique leverage to cater to a widespread geography.

“The project benefits, through our robust experience in government initiatives, in creating awareness and attracting more subscribers towards the scheme,” he added.
 

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