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L.Srikumar Pai
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RAKESH GOYAL: Career uncertainty has emerged as one of the biggest fear amongst employees, owing to the financial crisis that began in 2008 and still has an enduring effect on the global economy. While the financial crisis has hit sectors such as real estate, financial services more, the developments over the past three to four years have created a lot of fear amongst people currently working or are willing to migrate abroad. Career goals such as retirement, resettlement and most importantly the need to return is still one of the biggest concerns that one faces when thinking of working abroad.

To help workers overcome these concerns, the Ministry of Overseas Indian Affairs (MOIA) had launched Pension and Life Insurance Fund (PLIF) in January 2012 which has recently been renamed as Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) and opened for registration. The MGPSY scheme is a voluntary scheme which helps workers migrating abroad for permanent/contractual work save for their migration, for returning, resettlement and also for securing their life through a term life insurance policy.


For all male workers who get registered under the scheme, the ministry contributes Rs 2,000 a year into their PLIF account for 5 years from the time the worker migrates abroad or till the time when he returns to India, whichever is earlier. Thus, the Government would contribute up to Rs 10,000 to the worker’s account under the scheme. Here, the worker is expected to save at least a total of Rs 5,000 a year under this scheme to secure his life, retirement and resettlement. This takes the total savings potential under this scheme to Rs 35,000 plus the returns.

For all female workers, the ministry would contribute Rs 3,000 a year for 5 years from the time she migrates or till the time when she returns to India, whichever is earlier. Thus, the government would contribute up to Rs 15,000 to the worker’s account under the scheme. Here also the worker is expected to save at least a total of Rs 5,000 a year under this scheme to secure his life, retirement and resettlement. This takesthe total savings potential under this scheme to Rs 40,000 plus returns.

For pensions, the Government has tied-up with NPS-lite scheme introduced by Pension Fund Regulatory and Development Authority (PFRDA). The proceeds under this scheme are managed into equity markets index fund, corporate bonds and Government securities.

The fund for your return and resettlement would be managed by UTI Mutual Fund – Monthly Income Scheme which is hybrid fund investing in debt: equity markets usually in the ratio of 70:30. The returns under both these schemes are not fixed but are market driven.

Everyone who joins the scheme would also be provided with a free life insurance term policy through Life Insurance Corporation of India (LIC).

For a male worker, out of the Rs 7,000 a year worth of total saving, Rs 5,000 will be sent to UTI towards your return and resettlement account and Rs 2,000 would be invested into NPS lite scheme under the PFRDA towards your pension. For a female worker, out of Rs 8,000 a year worth of savings, Rs 5,000 will be sent to UTI MF for your resettlement account and Rs 3,000 would be invested into NPS lite.


All Indian citizens who are (a) between 18 and 50 years of age and (b) having a ‘Emigration Check Required (ECR)’ stamp on their passport (c) and are having a bank account and a valid work permit or employment contract to work in a ECR country can apply to this scheme.

(Courtesy: The Hindu. The writer is Senior Vice-President, Bonanza Portfolio Ltd.)


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