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Micro Pension | SEWA Bank, Delhi
IIMPS and SEWA implemented micro pension for SEWA’s members in Delhi in early 2009. The members mainly comprise of poor women workers who are street vendors, embroidery workers, and domestic help and engaged in other unskilled and semi-skilled manual labour. The scheme has covered about 1000 workers and is now being extended to other parts of the national capital. The scheme is similar to the one being implemented at SEWA Bank, Ahmedabad.
Micro Pension | SEWA Bank, Gujarat
UTI AMC, SEWA Bank and IIEF implemented India's first voluntary retirement savings scheme in April 2006. The scheme was launched by Mr. P Chidambaram, India's Union Finance Minister. Today, the scheme has close to 50,000 low income women workers as members who are saving between Rs 50 and Rs 250 per month for their old age. The savings are are invested in UTI's Retirement Benefit Pension scheme (RBP) in a portfolio comprising at least 60% fixed income securities and upto 40% equity. Individual scheme accounts are managed by IIMPS through sCube. IIMPS and SEWA Bank are also implementing a range of financial literacy campaigns to create awareness regarding retirement savings.
Vishwakarma Pension Scheme | Rajasthan
The Rajasthan Government's Vishwakarma Pension Yojana is India's first co-contributions based pension scheme targeted at low-income unorganised sector workers. Under the Vishwakarma scheme, the State Government has identified 20 occupations that are eligible for a pension co-contribution of Rs.1000 per annum. The scheme does not allow early withdrawals and thus ensures that the key objective of old age income security is not sacrificed. The government co-contribution can significantly improve retirement outcomes. For example, a co-contribution of Rs 1,000 per annum for a worker contributing an equal sum over a period of 25 years could result in a monthly pension of Rs.1,275 per month which is significantly higher than the present Rs.400 paid under the tax-financed national old age pension scheme. The scheme is being delivered to the targeted population by IIMPS through ground level publicity and financial literacy jointly with the Labour Department of Rajasthan. Large reputed NGOs and Worker associations are being involved in scheme publicity and information campaigns. Web based individual accounts are being created for each worker enrolled into the scheme and a photo Passbook is being issued by IIMPS. Using proprietary technology and ground level partnerships with worker associations, NGOs and MFIs, IIMPS proposes to achieve the target coverage of 500,000 low-income workers over the next three years.
Micro Pension | Pruthvi Foundation
IIMPS and Pruthvi Foundation implemented micro pension for Pruthvi members in Mandya district, Karnataka in July 2009. The members mainly comprise of poor workers who are street vendors or engaged in other unskilled and semi-skilled manual labour. The scheme has covered about 100 workers and is now being extended to other parts of the state. The scheme is similar to the one being implemented across the country in more than 6 states.