India to hike subsidy for overseas pension plan

Apr 17 2014, 20:59 IST
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Workers who have an Emigration Clearance Required (ECR) stamp on their passports are eligible to join the scheme. Reuters Workers who have an Emigration Clearance Required (ECR) stamp on their passports are eligible to join the scheme. Reuters
SummaryThe Indian government has increased its subsidy to the co-contributory pension scheme.

The increase in subsidy is expected to attract more subscribers.

“It is definitely good news for the subscribers. We hope more people would join now,” said Sanjay Joshi, senior manager, marketing and retailing at Bank of Baroda, one of the eight service providers for the scheme appointed by the Ministry of Overseas Indian Affairs.

Though there are eight authorised service providers, not all of them are active in the UAE, hampering widespread accessibility of the service to workers. To tackle this challenge, one of the service providers, Alankit Assignments Limited, has tied up with the UAE Exchange to offer the service in the UAE.

“We have started accepting applications for the pension scheme. Now, it is easier for workers to subscribe to the scheme as they can walk in to any of our 133 branches across the UAE and apply. Our staff will also be now involved in awareness programmes. They will be in a better position to convince the workers about the benefits of the scheme when they come over for sending money home and also they will spread the word in labour accommodations as part of the campaign,” said Y. Sudhir Kumar Shetty, COO, Global Operations, UAE Exchange.

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