The Indian government has unveiled a new pension and life insurance scheme that would benefit over 5 million of the country’s unskilled and semi-skilled workers employed overseas.
The Economic Times reported the special fund - known as the Pension and Life Insurance Fund, will be used to partly contribute to a pension and insurance cover to the low-paid workers, mostly in Gulf countries on temporary contract visas.
"The new scheme is entirely voluntary. It is only for those who want to take it," Overseas Indian Affairs Minister Vayalar Ravi said.
Under the scheme, the ministry of overseas Indian affairs will provide an annual co-contribution of up to Rs.3000 for female workers and Rs 2000 for male Indians working overseas, The Economic Times added.
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