INDIA – India to set up pension scheme in Dubai

The Indian government will officially launch a pension scheme for over five million overseas workers in the UAE. 

Reports quoted Indian ambassador M K Lokesh as saying that the UAE is the first foreign country where the scheme – the pension and life insurance fund – will be launched officially. The scheme was soft-launched in the UAE a few months ago and workers have been informally enrolled in the scheme. The scheme will cover five million overseas Indian workers holding the Emigration Clearance Required (ECR) category passports, working in 17 foreign countries. It aims to help skilled and unskilled workers between the ages of 18 and 50, to save money for their old age, and benefit from life insurance cover when working overseas. Under the scheme, the workers will contribute between INR1000 and INR12000 a year towards the pension fund and INR4000 towards the return and resettlement fund.