India launches "Mahatma Gandhi Pravasi Suraksha Yojana" Scheme in UAE
India’s Ministry of Overseas Indian Affairs (MOIA) in a tie-up with Alankit Assignments launched “Mahatma Gandhi Pravasi Suraksha Yojana” Scheme in UAE. The implementation of this scheme will be facilitated by the UAE Exchange.It is intended to introduce its services to all 17 ECR countries that include the Gulf Cooperation Council (GCC) countries and Malaysia.
[icon name=”icon-question-sign”]What is Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) and what are the objectives of this Scheme?
Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)is a Pension and Life Insurance fund scheme introduced by Ministry of Overseas Indian Affairs for the Overseas Indian workers having Emigration Check Required (ECR) passports.
Objectives of MGPSY:
To encourage and facilitate the Overseas Indian workers by providing government contribution to:
- Save for their Return and Resettlement (R&R)
- Save for their old age
- Obtain a Life Insurance cover against natural death during the period of coverage.
The government contribution available under the MGPSY is for a period of five years or till the return of subscribed worker back to India, whichever is earlier.
Key attractions of MGPSY:
- Government contribution of Rs.1,000 per annum in line with Swavalamban platform for all MGPSY subscriber who save between Rs.1,000 and Rs.12,000 per year in NPS-Lite.
- An additional government contribution of Rs.1,000 per annum by MOIA for the overseas Indian women workers who save between Rs.1,000 to Rs.12,000 per year in NPS-Lite.
- A special government contribution of Rs.900 by MOIA towards Return and Resettlement (R&R) of the overseas Indian workers who save Rs.4,000 or more per annum.
[icon name=”icon-question-sign”]Which are the Gulf Cooperation Council (GCC) countries?
The GCC countries include:
- Saudi Arabia
Month: Current Affairs - May, 2014