Ministry of Overseas Indian Affairs has introduced a scheme Mahatma Gandhi Pravasi Suraksha Yojana for overseas Indian workers having Emigration Check Required (ECR) Passports going to ECR Countries in order to ensure social security to them in the form of Pension and Life Insurance Fund Scheme.
What are the Objectives of Mahatma Gandhi Pravasi Suraksha Yojana?
The main objective of the scheme is to encourage Indian overseas worker by giving govt contribution to:
1- Save for their Old Age
2- Save for their Return and Resettlement
3- Obtain a life insurance cover against a natural death during the period of cover.
The govt contribution in the scheme is for the period of 5 yrs or till the return of subscribed worker to India, whichever is earlier.
1- A co- contribution of Rs 1000 to oversees Indian worker who save Rs 4000/ annum for Return and Resettlement Purpose.
2- Govt contribution of Rs 1000(Rs 2000 in case of Females) for a pension contribution of between Rs 1000 to Rs 12000 per Year