Achievements made under MGPSY

Press Information Bureau

Government of India

Ministry of Overseas Indian Affairs

29-November-2012 16:57 IST

The objective of Mahatma Gandhi Pravasi Suraksha Yojana(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.

The Government also contributes, for a period of five years, or till the return of workers to India, whichever is earlier, as under:

• Rs.1,000 per subscriber who saves between Rs.1,000 and Rs.12,000 per annum in their National Pension Scheme(NPS) -Lite account;

• An 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 Scheme(NPS)-Lite account;

• An annual contribution of Rs. 900 per annum per subscriber who saves at least Rs. 4000 per annum towards Return and Resettlement fund;

• Rs.100/- 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 PFRDA.

The Government has launched MGPSY on 1st May 2012 on a pilot basis.

This information was given by the Minister of Overseas Indian Affairs, Shri Vayalar Ravi in a written reply in the Rajya Sabha today.

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Samir/DB