Pension scheme for overseas Indian workers set to take-off

A meeting of Indian Ambassadors has been convened on Monday to discuss measures to fast track the pension scheme for overseas Indian workers, Minister for Overseas Indian Affairs Vayalar Ravi said today.

Ravi said though the "Mahatma Gandhi Pravasi Suraksha Yojana" (MGPSY) for Indian workers holding Emigration Check Required (ECR) passports and a valid work permit in an ECR country has been launched, its implementation has "gone slow".

Now, the Government wants to accelerate the enrolment by such workers and wants the "resettlement" scheme to "take-off" as it would give them a lumpsum when they return and provide pension.

"I am going to have a meeting of my Ambassadors on September 17 and there we will make announcements (measures to boost enrollment)," he said.

According to officials, by providing a co-contribution from the Government, this scheme encourages and enables Overseas Indian Workers to save for their return and resettlement and to save for their old age.

This also provides a free life insurance cover against natural death during the period of coverage, under the scheme.