A new Pension and Life Insurance Fund (PILF) scheme from the Indian Government was launched in Kochi by Vayalar Ravi, Union Minister for Overseas Indian Affairs to provide financial security to poor Indians working abroad.

All Indian embassies were informed about the scheme and told to help those who wish to subscribe to PILF. Non resident Indian organizations were also urged to promote the scheme.

PILF is for Indian workers who have a work permit or employment contract and whose passports carry the ‘Emigration Clearance Required’ stamp. The age limit set is between 18 and 50.

Only cheques would be accepted towards beneficiaries' contribution. Each beneficiary would be given an identification number.

If the worker contribute Rs.5, 000 (Dh344), then the Union government would contribute Rs.2000. The contribution by the Union government in case of women going overseas as domestic help would be Rs.3, 000. This life insurance scheme is split into three and utilized for pension, insurance and rehabilitation.

Ravi said, "The pension will commence after age 60. This is a life insurance scheme. It will help people save for old age and save for resettlement."

He also said that the scheme was the result of strong lobbying at the Union government level. The Union government had given its nod to the project after giving it considerable thought for two years.

The PILF scheme was announced in January. (msn)