Kochi: The Indian government is promoting a new Pension and Life Insurance Fund (PILF) scheme in a bid to provide financial security to poor Indians working abroad.
Indian embassies have been told to help those wanting to subscribe to PILF, Minister for Overseas Indian Affairs, Vayalar Ravi, said here while launching the pilot scheme on Tuesday. Non-resident Indian organisations have been urged to promote the scheme. PILF is for Indian workers aged between 18 and 50 who have a work permit or employment contract and whose passports carry the ‘Emigration Clearance Required' stamp.
Life insurance
The worker has to pay Rs5,000 (Dh344) to become a member. The government will contribute Rs.2,000. If the person is a domestic help, the amount would be Rs.3,000. "The pension will commence after age 60. This is a life insurance scheme. It will help people save for old age and save for resettlement," said Ravi. The PILF scheme was announced in January.
Kerala Chief Minister Oommen Chandy, said most of the poor working abroad generally returned minus savings.
