Wednesday, August 3, 2011
Pravasi Pension Scheme for Non-Resident Keralites
Pravasi Pension Scheme for Non-Resident Keralites
There are a large number of people who are living outside India. Among them a good percentage belong to lower or middle income group. This large group of middle-lower income group face many fundamental problems during their life in the Gulf and when they return to their homeland. The saving habits and rehabilitation facilities available to them are also not very promising. Similarly a good percentage of keralites are living outside kerala and within India for their being. These Non-Resident Keralites (NRKs) are also facing similar circumstances as the NRIs.
Realizing such circumstances, Kerala State came forward with an unique initiative, first of its kind in the country, to setup a welfare fund to provide welfare schemes to NRIs and NRKs. Kerala Non-Resident Keralites Welfare Board came in to existence as per government Kerala Non-Resident Keralites Wlefare Fund Act -2008. More than fifty thousand NRIs and NRKs in together are members of the welfare fund. Current NRIs and NRKs , NRIs returned to India if having at least two years of NRI status can avail membership in this welfare fund. The Board organized many welfare schemes such as pension schemes, family pension schemes, medical aid, death assistance etc.
The Act envisages the formation of the Welfare Fund through contribution from the registered members @ of Rs. 300/- per month as contribution from each Non Resident Keralite (abroad). Every Non Resident Keralite (abroad) member when returned and settled down permanently in the State has to pay Rs. 100 only. Non Resident Keralites (India) member has to pay Rs. 100 as contribution per month. Every deemed member shall contribute Rs. 50 per month.
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Benefits to Members
| Pension to members and deemed members who had completed 60 years of age and had remitted contribution for not less than five years | |
| Family pension on the death of a member or a deemed member who had remitted contribution for not less than five years. | |
| Financial assistance on the death of a member due to illness or accident. | |
| Financial assistance for medical treatment of the members affected with serious illnesses | |
| Financial assistance for marriage of women members and daughters of the members and for maternity benefit to women members. | |
| Financial assistance or loans or advances to members for the construction of dwelling houses or for the purchase of land and building or for the purchase of land or for the maintenance of house. | |
| Financial assistance for education including higher education to the children of members. | |
| Self employment assistance to reputed persons | |
| Financial assistance to members incapacitated to attend work due to permanent physical disability | |
| Financial assistance investment in any company or firm or co-operative society or institution constituted under the Act. |
In case you need further information please visit
For downloading application form, please click the following link
In case you need any clarification/free financial advice, please feel free to mail to pnair1966@yahoo.com
To read more articles related to Tax and investment options, please click the following links http://yourownadviser.com/articles
Regards
Prakash Nair
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