Mahatma Gandhi Pravasi Suraksha Yojana scheme launched in UAE
MGPSY was launched in UAE in tie up of a leading Indian financial and health care service player and the UAE Exchange.
Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) was launched in the UAE in the fourth week of April 2014. A leading Indian financial and health care service player has tied up with the UAE Exchange to offer Mahatma Gandhi Pravasi Suraksha Yojana Scheme in the Gulf country.
The announcement of the launch was made in Abu Dhabi in the presence of T P Seetharam, the Indian Ambassador to UAE and other senior officials from the Indian Embassy in Abu Dhabi.
The implementation of the MGPSY scheme will be facilitated by UAE Exchange that is offered by the India’s Ministry of Overseas in association with Alankit Assignments.
It’s expected that the services of the scheme would be rolled out into all 17 ECR countries that include the GCC Countries and Malaysia. GCC is a group of countries and includes Bahrain, Kuwait, Oman, Qatar Saudi Arabia and the UAE.
About Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY)
Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) Scheme is a pension and life insurance scheme and is recognised by the Indian government.
• Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) is a special social security scheme for overseas Indian workers on temporary work permit in 17 Emigration Check Required (ECR) countries.
• The MGPSY is aimed at helping the workers to save money for their retirement, their return to India and resettlement and provides life insurance cover against natural death during the period of coverage.
• It provides home and a life insurance cover for 1 lakh rupees during their work abroad.
• The Government of India will contribute up to 2000 rupees every year for male workers and 3000 rupees every year to women workers for up to either five years or until the worker returns home, whichever is earlier.
• It will be added to the Pension and Life Insurance (PLIF) account of each eligible subscriber.
• The workers have to contribute between 1000 rupees and 12000 rupees per annum towards the pension fund and 4000 rupees towards the return and resettlement fund. They will derive corresponding benefits when they go back home and during their old age.
• Indian Workers Resource Centre or IWRC is the support center for Indian workers in the UAE while Bank of Baroda is the official banking partner of the scheme to enroll the workers.