Pension scheme for overseas Indians renamed as Mahatma Gandhi Pravasi Suraksha Yojana

NEW DELHI: Government today decided to rename the pension and insurance scheme, launched earlier this month for overseas Indians, as Mahatma Gandhi Pravasi Suraksha Yojana.

"The Pension and Life Insurance Fund (PILF) has been renamed as Mahatma Gandhi Pravasi Suraksha Yojana," I&B Minister Ambika Soni told reporters after a Cabinet meeting where the decision was taken.

The Centre had launched the scheme on May 1 for Indian overseas workers to address their social security and resettlement needs.

Prime Minister Manmohan Singh had announced the scheme during the 10th Pravasi Bharatiya Divas in Jaipur in January, fulfilling a long-standing demand of the over five million workers, especially those in the Gulf.

The scheme is meant for Indian workers aged between 18 and 50 years who have a work permit or employment contract and whose passports carry the 'Emigration Clearance Required' stamp.

The pension will commence after they cross the age of 60. Initially, a worker has to pay Rs 5,000 to become a beneficiary of this plan. The government will contribute Rs 2,000 from its kitty per annum.