Indian Pension Witness Huge Growth in UAE

Online, June 7, 2014 (Newswire.com) - The process being an ambitious pension scheme drafted by the Indian Government for all those workers who are working in 17 countries including the Gulf nations and who are in the lower income bracket.

The scheme is gaining its popularity slowly and has been able to rope in around 202 Indian workers in UAE. The Indian embassy is involving new agencies for boosting the enrolment figures. The immediate effect of the involvement of new agencies in the scenario was that initially only 70 workers has joined Mahatma Gandhi Pravasi Suraksha Yojana (MPSY), a voluntary pension fund scheme between April 2012 and February 2014 and later on the number of workers increased to 132 between the months of March and April. The credit for such tremendous increase in the enrolment which was nearly doubled in two months was the involvement of new agency which has engaged money exchange centre in the enrolment process.

The Ministry of Indian Overseas Affairs has been promoting the scheme in India for workers in all those 17 countries where around five million Indian workers holding Emigration Clearance Required (ECR) category passports are living and majority of them are blue collar workers.

Between April 2012 to January this year only 90 out of five million workers in 17 countries joined the scheme but with the involvement of India's leading financial agency -Alankit Assignments Ltd. the enrolment number shot up to 132. The agency also takes credit in bringing money exchange centre in UAE market.

Alankkit Assignments Ltd. is leaving no stones unturned to promote the scheme and is chalking out a plan to visit the worker's accommodation regularly and explaining the concepts clearly.