Pension, insurance for workers abroad

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Prime Minister Manmohan Singh lights a lamp to inaugurate the 10th Pravasi Bharatiya Divas conclave in Jaipur on Sunday.

Prime Minister Manmohan Singh on Sunday announced a new pension and life insurance scheme for overseas Indian workers, while conceding that the country was passing through “difficult times”. He went on to peg economic growth in the current fiscal year at seven per cent, down from the 8.5 per cent growth projected earlier.
Addressing the 10th Pravasi Bharatiya Divas in Jaipur, Dr Singh said: “I am happy to inform you that the government has decided to introduce and sponsor a new Pension and Life Insurance Fund for overseas Indian workers. (This) will encourage, enable and assist overseas workers to voluntarily save for their return and resettlement and old age.” The Prime Minister said the scheme will also provide low-cost life insurance cover against natural death. “This scheme fulfils a long-pending demand of our workers abroad,” he said. Under the scheme, the government will co-contribute `1,000 per annum for all subscribers who contribute between `1,000 and `12,000 per year. Women overseas workers will enjoy a special additional co-contribution of `1,000 a year.
Noting that while India was passing through “difficult times” and that economic growth in the current fiscal year would be seven per cent, Dr Singh said he was, however, confident that the country’s growth rate would go up to 9-10 per cent in the coming years as the “economic fundamentals are strong”.