All Indian workers with an ‘Emigration Clearance Required’ (ECR) stamp on their passports will be eligible for the new Mahatma Gandhi Pravasi Suraksha Yojana, Gulf News reports.
Minister of Overseas Indian Affairs (MOIA) Vayalar Ravi said the scheme is launched with an aim of encouraging a habit of saving among Indian labourers working overseas, who face problems when they get suddenly unemployed or go back home.
The scheme will cover around 5 million blue collar Indian workers, employed in 17 ECR countries, including UAE, the report added.
According to the report, the scheme will contribute 1,000 INR per year for every 5,000 INR to 12,000 INR saved by the subscriber, and the benefit will double for women subscribers.
The scheme will be valid for five years and provide free insurance cover in the event of accidental or natural death during the period of subscription.