New pension scheme for Indians in UAE

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The Indian government has set up a new pension scheme for its citizens in the UAE that will be launched by the end of the month, UAE daily newspaper The National reported on Wednesday.

The social security scheme, which is India’s first overseas, is called Mahatma Gandhi Pravasi Suraksha Yojana, and is aimed at helping workers save their income for resettlement and retirement.
About one million Indians living in the UAE are eligible for the program, as they hold the required Emigration Cheque Required (ECR) passports, the report added.

Subscribers to the scheme must contribute with a minimum of 5000 Indian Rupees ($ 89) a year.
The Indian government’s contribution to savings will reach up to 1,900 ($ 33.9) Rupees per year depending workers’ genders.
Two pension enrolment offices, one in Dubai and one in Abu Dhabi will be opened to receive applications.