Blue-collar Indian workers in Gulf to get insurance cover under MGPSY

Under Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY), overseas migrant workers having ECR (Emigration Check Required) passports will get an insurance cover in the event of natural, accidental death or permanent disability.

Social security scheme MGPSY was launched by the Union Minister of Overseas Indian Affairs, Mr. Vyalar Ravi in Dubai on 28 October 2013 aiming to provide blue-collar Indian workers in Gulf old-age pension and help them save regularly for resettlement on their return to India.

In a statement, the Indian Embassy in Abu Dhabi said, “The government co-contributes to encourage and support the migrant workers in subscribing to this scheme."

“Any Indian national, who is between 18 to 50 years of age and has ECR passport, and valid work permit or employment contract in UAE, can join this scheme. The Indian worker is required to save between Rs 1,000 to Rs 12,000 per financial year for the pensionary benefits, and Rs 4,000 per annum towards return and resettlement. No contribution is required for life insurance,“ the statement said.

As per the statement, the government provides a co-contribution of Rs 1,000 per annum for the pensionary benefits and Rs 900 per annum for the return and resettlement. An additional co-contribution of Rs 1,000 per annum is provided by the government for overseas Indian women workers for the pensionary benefits.

Bank of Baroda is the main service provider appointed for overseas Indian workers in the UAE, it added.

Source: http://www.insuringindia.com