India promoting PILF scheme for workers abroad
A new Pension and Life Insurance Fund (PILF) scheme is being promoted by GoI in a bid to provide financial security to poor Indians working abroad. Indian embassies have been asked to assist those wanting to subscribe to PILF. NRI-organizations have been recommended to encourage the scheme, which was declared in January, 2012.
- To provide financial security to poor Indians working abroad.
- For Indian workers aged between 18-50 who have a work permit or employment contract and whose passports carry the ‘Emigration Clearance Required’ stamp.
- The pension will commence after age 60. It will help people save for old age and save for resettlement.
- The worker has to pay Rs 5,000 to become a member. The government will contribute Rs 2,000. If the person is a domestic help, the amount would be Rs 3,000.