Abu Dhabi, Aug 24 (ANI): The Indian Government would sponsor an ambitious Pension and Life Insurance Fund (PLIF) for skilled and unskilled Indian workers employed in the United Arab Emirates (UAE), a top Indian diplomat has revealed.
M.K. Lokesh, India's Ambassador to the UAE, told Gulf News that a delegation from the Ministry of Indian Overseas Affairs (MOIA) would visit the UAE early next month to format a strategy to promote the scheme among the workers.
Lokesh further said that the Bank of Baroda, the only Indian bank with a fully-fledged banking operation in the UAE, has been selected as the bank for the scheme.
The Dubai-based Indian Workers Resource Centre (IWRC), a support centre for Indian expatriates, will also have a major role in the scheme, Lokesh added.
The visiting delegation and Indian missions in the UAE will discuss the enrolment strategy with the Bank of Baroda and the IWRC.
According to the voluntary scheme, which offers three important benefits, will help skilled and unskilled workers save money for their old age, they will have financial means when they go back home and life insurance cover for Rs100, 000 during their work abroad.
About 65 per cent of more than two million Indians in the UAE are blue-collar workers.
Workers between the age of 18 and 50 who hold an Emigration Clearance Required (ECR) passports are eligible to enroll in the scheme.
The Indian Government will provide a contribution of up to Rs.2000 per year for male workers and Rs.3000 per year for women workers for up to either five years or until the worker returns home, whichever is earlier.
A worker with a bank account has to contribute a minimum of Rs.5000 per annum towards the scheme.
The pension fund requires a contribution of between Rs.1000 and Rs.12, 000 per annum and the return and resettlement fund requires a minimum of Rs.4, 000. (ANI)
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