Government’s new scheme called Mahatma Gandhi Pravasi Suraksha Yojana ‘return and resettlement’(R&R) will invest in UTI MF’s UTI Monthly Income Scheme.
UTI Mutual Fund has partnered with Ministry of Overseas Indian Affairs (MOIA) to manage a scheme called Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) for overseas Indian migrant workers.
The scheme aims to encourage the overseas Indian migrant workforce to voluntarily save for their return and resettlement and for their old age.
The AMC has entered into an agreement with Ministry of Overseas Indian Affairs as one of the partners for managing the ‘return and resettlement’(R&R) savings benefit under MGPSY. The contribution received under R&R scheme of MGPSY will be invested in UTI Monthly Income Scheme- Growth Option.
MGPSY is a voluntary scheme. Workers will have to make a minimum contribution of Rs. 4000 per annum. MOIA will also co-contribute up to Rs. 900 per annum towards the resettlement benefit. The government will only make a contribution till five years even if the worker continues to remain invested in the fund.
Shri Atul Kumar Tiwari, Jt. Secretary, Ministry of Overseas Indian Affairs said, “The overseas Indian community is a very important contributor to India’s economy and it is our constant endeavour to ensure their welfare and address their needs. Mahatma Gandhi Pravasi Suraksha Yojana will address the social security and resettlement needs of our overseas Indian workers.”
Shri Imtaiyazur Rahman, Acting CEO, UTI AMC said, “It is our privilege to be one of the partners of MOIA’s Mahatma Gandhi Pravasi Suraksha Yojana and to manage the part of savings of Indian migrant workers in UTI MIS. This will also help financial inclusion in the country”
Indian banks having a presence overseas will help UTI distribute this product among migrant workers. UTI will start promoting this product in Kerala where a lot of people migrate to Gulf countries for job opportunities.
Overseas Indian migrants in the age group between 18 and 50 years are eligible to invest in this scheme. They have to provide an ‘Emigration Clearance Required’ (ECR) passport and a valid work permit or employment contract in ECR country.
Benefits
from MOIA will be provided for a maximum period of 5 years or for the period of
overseas employment whichever is less. The money can be withdrawn when the
worker returns to India or 5 years after joining MGPSY whichever is earlier.
