The Government has launched Mahatma Gandhi Pravasi Suraksha Yojana(MGPSY)
on 1st May 2012 on a pilot basis. The objective of MGPSY is to
encourage and enable overseas Indian workers having Emigration Check Required
(ECR) passports going to ECR countries, to (a) save for their return and
resettlement and (b) save for their pension. They are also provided Life
Insurance cover against natural death, during the period of coverage, without
any additional payment by them.
Government also contributes, for a period of five years, or till the return of
workers to India,
whichever is earlier, as under:
per subscriber who saves between Rs.1,000 and Rs.12,000 per annum in their
National Pension Scheme(NPS) -Lite account;
additional contribution of Rs.1,000 per annum for overseas Indian women workers
who save between Rs.1,000 and Rs.12,000
per annum in National Pension
contribution of Rs. 900 per annum per subscriber who saves at least Rs. 4000 per annum towards Return and
for life insurance cover of Rs.30,000 per year against natural death and
Rs.75,000 against death by accident through the Janshree
Bima Yojana of Life
Insurance Corporation of India (LIC).
There is an integrated enrolment process for the subscribers
who will be issued a unique MGPSY account number upon enrolment. On their return to India, the subscriber can withdraw
the Return and Resettlement savings as a lump sum. However, the subscriber
would be able to continue savings for their old age in the NPS-Lite in line with the Swavalamban
scheme. Alternatively subscriber can
withdraw pension corpus as per the guidelines prescribed by the Pension Fund
Regulatory Development Authority(PFRDA).
The details of the scheme were explained to the Indian
Ambassadors in ECR countries.
This information was given by the
Minister of Overseas Indian Affairs, Shri Vayalar
Ravi in a written reply in the Rajya Sabha today.