Designed for Overseas Indian workers in 'Emigration Check Required (ECR)' countries, the scheme aims to encourage and enable the workers by providing co-contribution to their voluntary savings for old age pension, save for their return and resettlement and obtain free of cost life insurance cover.
Speaking on the occasion, Union Minister for Overseas Indian Affairs Vayalar Ravi said the Ministry will co-contribute under the yojana for a five year period or till the return of workers to India, whichever is earlier.
The workers would get a minimum of Rs 33,000 on their return, he said.
Similarly, the facility is being opened today at the office of Protector of Emigrants (PoE) in Thiruvananthapuram.
To further make it convenient for workers, enrolment booths are being opened in two branch offices of Bank of Baroda in Kochi and Thiruvananthapuram.
To enable Indian workers in the ECR countries to join the scheme, the Ministry is shortly going to start similar 'Pravasi Suraksha Yojana' enrolment centres in the ECR countries, starting with the United Arab Emirates.
A co-contribution of Rs 1,000 per annum for its subscribers who save between Rs 1,000 and Rs 12,000 per year in NPS-Lite for their old age pension and Free life insurance coverage while working outside are among contributions under the scheme, said A K Tiwari, Joint Secretary in the ministry.