Enrolment to Pension and Life Insurance Scheme for Indians at UAE Exchange
UAE Exchange will be a facilitator for the implementation of the Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) Scheme offered by the Ministry of Overseas Indian Affairs (MOIA) in association with Alankit Assignments Ltd. This programme recognised by the Government of India, is a Pension and Life Insurance fund scheme for the Overseas Indian workers, whose passports have Emigration Check Required (ECR) stamp.
This integrated social security scheme helps them to save regularly for their resettlement, old age pension and an insurance cover. To join the scheme the subscribing NRI worker should contribute INR 5000 per year, while Government of India will contribute INR 2900 for men and INR 3900 for women. A formal ceremony in this regard was held on 27th April, 2014, which was graced by the Ambassador of India to UAE, His Excellency T.P. Seetharam and other senior officials from the Indian Embassy.
Speaking on the occasion, Mr. Y. Sudhir Kumar Shetty, COO – Global Operations, UAE Exchange, said, “Trust is the prerequisite and the foundation of any partnership to start and sustain. Our alliance with Alankit Assignments is a very prestigious one as we have come together for a noble programme like the Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY). We take this opportunity to thank Alankit Assignments Ltd and Ministry of Overseas Indian Affairs for giving us this opportunity and will go that extra mile to broaden our horizons to benefit our Indian customers.”
Mr. Alok Kumar Agarwal, Chairman & Managing Director, Alankit Group, said, “We are glad to tie up with UAE Exchange for the expansion of the MGPSY scheme. Our presence in UAE for the past decade gives us a unique leverage to cater to a widespread geography. The project benefits through our robust experience in Govt. initiatives in creating awareness and attracting more subscribers towards the scheme.”
The objective of MGPSY is to encourage and enable the overseas Indian workers by giving government contribution to save for their return and resettlement (R&R), save for their old age and obtain a Life Insurance cover.
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