Pension, insurance scheme for overseas Indian workers: PM

Fulfilling a long-standing demand, Prime Minister Manmohan Singh today announced a novel pension and life insurance scheme for overseas Indian workers that is expected to benefit over 5 million workers, especially those in the Gulf, and help them save for their return, resettlement and old age. 

Addressing the second day of the 10th Pravasi Bharatiya Divas in this Rajasthan capital, Singh also sent a message of comfort to the diaspora saying that his government is "acutely conscious" of the safety and security of Indians living abroad, particularly in Gulf and West Asia. 
"I am happy to inform you that the government has decided to introduce and sponsor a new Pension and Life Insurance Fund for overseas Indian workers. The scheme will encourage, enable and assist overseas workers to voluntarily save for their return and resettlement and old age," he told over 1,900 delegates from 60 countries. 
The scheme, which was recently cleared by the Cabinet, will also provide a low-cost life insurance cover against natural death, Singh said, adding that this fulfils a "long pending demand of our workers abroad." 
Under the scheme, the government will co-contribute Rs 1,000 per annum for all subscribers who contribute between Rs. 1,000 and Rs 12,000 per year. Women overseas workers will enjoy a special additional co-contribution of Rs 1000 a year. 
He also said his government has taken a number of initiatives to engage the diaspora like voting rights for Non-Resident Indians. 
Welcoming the Chief Guest and Indian-origin Prime Minister of Trinidad and Tobago Kamla Persad Bissessar, Singh heaped praises on the Caribbean nation and said "our shared passion for cricket is well known."