UAE Exchange plans pension scheme for expats
Abu Dhabi, April 27, 2014
The UAE Exchange has joined hands with Alankit Assignments, a leading financial and health care service player in India, to offer pension and life insurance schemes for Indian expatriates.
As per the agreement, 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.
The MGPSY Scheme is a pension and life insurance fund scheme for the Overseas Indian workers with an ECR stamp on their passports. It was launched today (April 27) by the Ambassador of India to UAE, TP Seetharam.
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 Rs5,000 ($82) per year, while Government of India will contribute Rs2900 for men and Rs3900 for women.
Speaking on the occasion, Sudhir Kumar Shetty, the 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 MGPSY."
Its objective 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.
"We thank Alankit Assignments 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," he added.
Alok Kumar Agarwal, the 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," he stated.-TradeArabia News Service