India has introduced an ambitious social security scheme to provide insurance cover and ensure the financial welfare of over five million overseas Indian workers.
The Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) scheme was launched here yesterday by Vayalar Ravi, Minister of Overseas Indian Affairs for the overseas Indian workers in Emigration Check Required (ECR) Category working in ECR countries.
This scheme has already been launched in India last year and with this launch it will now be introduced in all ECR countries.
The objective of the scheme is to encourage and enable overseas Indian workers by giving co-contribution to save for their return and resettlement in India, for their pension and obtain complimentary life insurance cover during the period of overseas employment.
The MGPSY features government contribution of Rs 1,000 per annum in line with Swavalamban platform for all MGPSY subscribers who save between Rs 1,000 and Rs 12,000 per year.
Also, an additional government contribution of Rs 1,000 per annum by MOIA for overseas Indian women workers who save between Rs 1,000 to Rs 12,000 per year.
There is also a special government contribution of Rs 900 by the ministry towards Return and Resettlement (R&R) of overseas workers who save Rs 4,000 or more per annum.
The minister expressed his commitment towards the safety, protection and welfare of overseas Indian workers and said the scheme is designed after carefully considering their needs.
The minister also spoke about the other major initiatives like extension of Indian Community Welfare Fund to all the missions, signing of social security agreements and MoUs with major countries having Indian populations, e-Migrate project to facilitate the migration process.
